Published: 20/10/2023 By Alex Maile
Halloween is nearly here and whether you’re planning on getting all dressed up in ghoulish costumes or are a perennial pumpkin-dodger, the first of the winter festivals will be hard to avoid.One horror we will all be pleased to see the back of, though, is the never-ending round of interest rate rises, which came to an end last month. The increasing cost of mortgages was causing issues in both the sales and rental markets. In sales, many buyers were either sitting on the fence as they waited for rates to fall or were having to adjust their budgets and their expectations as their spending power was eroded. In the rental market, many landlords, unable to offset their mortgage costs, were putting up rents to compensate. Others were selling up and further reducing the already restricted supply levels. And, with the cost-of-living crisis added into the mix, we have all been feeling the pinch.
Now, at last, we can look ahead with more optimism. Not only are mortgage rates starting to come down - the best fixed rates are now under 5% - but inflation and food inflation, in particular, are all coming down too. No one is going to pretend that house prices will be shooting up any time soon or that rents will suddenly become more affordable, but things should start to improve as we finally begin to feel like we have more money in our pockets.
Next year there will be an election and with the conference season in full swing, the housing industry is starting to focus on what the various parties have in store for us. If you’d like to find out, keep an eye out for next month’s ezine, as we will be taking a look at Labour’s plans for the housing market.
Well, that’s it for now. Happy apple bobbing and I’ll be back again in November.