As we approach the end of October, it's time to take a look at how the property market has performed in the third quarter of the year.
July to September
House prices remained flat in August and September, following a 0.2% increase in July. This is the fifth consecutive month of price growth, but the pace of growth is slowing.
Material costs
The cost of materials used in construction has been rising in recent months, due to a number of factors, including the war in Ukraine and the global supply chain crisis. This could put upward pressure on house prices, as builders pass on the increased costs to buyers.
Other factors
Other factors that could impact the property market in the coming months include:
The ongoing uncertainty surrounding Brexit.
The level of unemployment.
The supply of property coming onto the market.
Conclusion
The property market is expected to cool in the coming months, but it is still likely to remain strong in the short term. The impact of the stamp duty holiday and interest rate rises will take some time to fully materialize, and there are still a number of positive factors that could support the market.
Here are some additional details about the property market in July, August, and September:
The demand for property remained strong in July, but there were signs that it was starting to cool in August and September.
The supply of property remained low, which helped to keep prices up.
The average time it took to sell a property increased slightly in August and September.
The number of first-time buyers decreased slightly in August and September.
The number of buy-to-let investors decreased slightly in August and September.
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