Rishi Sunak’s Spring Statement and what it means for the UK property market

Pearson Ferrier Director Mitchell Pearson reflects on Rishi Sunak’s recently announced Spring Statement 

At the beginning of this year, we reported that we would be heading into 2022 with a great deal of enthusiasm for what promised to be a healthy and active market for property rentals and sales across the UK.  

The fact remains that, despite fears surrounding growing interest rates and the increased cost of living, it appears that the UK property market has continued to go from strength to strength in recent months, with demand for property at an all-time high and sale and rental prices now soaring to reflect this. This may be good news for landlords and property owners who are looking to sell, but equally it’s likely to be exacerbating an already difficult situation for those seeking rental accommodation, or indeed for first-time buyers who are looking to get on the property ladder. 

Rishi Sunak’s recently announced Spring Statement offers light at the end of the tunnel to a certain degree. With it, the focus has remained largely on bringing down the cost of living in order to take the pressure off those who have already been the hardest hit, with measures put into place to curb the amount paid on fuel duty, raise the threshold for National Insurance contributions, and make energy-saving solutions more accessible for homeowners. Whilst such measures may boost consumer confidence and allow people to spend more of their money on what they’d like to, with demand in the market continuing to far outweigh supply, the ongoing shortage of property stock is more than likely to result in further growth in housing prices over the course of this year. 

For existing homeowners, it is in the professional opinion of the whole team here at Pearson Ferrier that those looking to put their house on the market should take advantage of the current property climate and list their home as soon as possible. There has never been a better time to sell, as not only are you most likely to sell your house in record time, but with demand being so high, you’re also most likely to achieve the biggest financial return on your property investment, and the Pearson Ferrier team is here to help. 

For further information on the selling process, some helpful tips on how best to market your property, or if you’re ready to get that ‘For Sale’ sign put up, please don’t hesitate to get in touch with our team.