Our Market Update

Pearson Ferrier Director, Julian Ferrier, offers his insight into the current climate of the UK property market… 

As we approach the final quarter of 2022, the property market has been quieter than usual – which certainly isn’t a surprise when we consider recent political events and the sad passing of our late Monarch, Queen Elizabeth II. Rightly so, as the country mourned and we said our farewells to a quite remarkable lady.

We also saw the ushering in of a new Prime Minister. Arguably some people felt the period of time taken to complete this process was a rather drawn-out affair, as the markets, which also affect the confidence and activity in the housing market, don’t tend to favour periods of uncertainty.  We now have Liz Truss sworn in as the new PM, and after the chancellor’s mini-budget last week, attempts were made to offer some comfort to aid us in the coming months as the energy crisis continues to affect us.

Energy caps have been set, and the reduction in Stamp Duty rates offers some assistance in these challenging times. Whilst we have seen an increase in interest rates, it’s perhaps worth noting that they have been at record low levels for well over a decade and for those of us growing up with 13+% mortgage rates in the 1990s, these exceptionally low rates would have risen eventually as the markets go through a period of correction to help reduce the rates of inflation.

At Pearson Ferrier, we have had a great couple of months for completions, and are now looking for new stock to offer our database of potential buyers.

Furthermore, if you are an investor, demand in the rental sector remains very strong, so if you are considering adding to your portfolio or considering buying a house as a rental investment, do take a look at our existing stock, and if you have any questions, please get in touch here.