23 May WHY ARE PROPERTY VALUES STILL HOLDING UP!
In the light of general inflation, with oil, gas and fuel prices rising, reduced personal benefits and increasing National Insurance (in reality a tax by another name), how are property values still holding up?
Firstly, a limited supply of property stock is coming onto the market, some of which is in a last-ditch attempt to capitalise on the high price rises that have been perpetuating for some time.
Secondly, in addition to a current imbalance of supply relative to demand, the situation is exacerbated by potential purchasers wanting to secure one of a limited choice of the more attractive properties, whilst also securing mortgage deals at fixed interest rates, before variable ones start to rise. Also, that the percentage required for mortgage deposits may start to increase.
Over the coming months, a combination of an easing of the supply of properties and a cooling down of the excess enthusiasm (panic) to buy them, will slow the rate of transactions and will steady values, making life easier and less frenetic for all those wishing to move.
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