Spring Newsletter 2023 -
Market Update Shepherds Bush and Hammersmith
Traditionally the spring Market January to April are the busiest months of the year for the housing market and this year is no exception.
Kerr and Co have seen a significant increase in activity with more buyers actively seeking a new home which is evident that confidence growing since the disruptive mini budget 6 months ago. The mood in Shepherd’s Bush and Hammersmith echo's Rightmove's March statistics, where house prices in Great Britain have seen a rise by 0.8% which is just under the normal price rise of 1% recorded over the last 2 years. The motivation to move in the springtime is being driven by both the first time buyer market and the family market, and although interest rates have risen, the limited availability of quality family homes has focused serious home movers as they look beyond the turbulence of the past few years and are planning accordingly .
Jeremy Hunt's Budget this month was very much focused on household monthly spend. This budget was set out to steady the economy, reduce inflation, plant the seeds for growth as more people are encouraged back to work. All strong initiatives to boost the economy and empower people’s ability to buy and rent properties. Other good news from the budget, was that the UK economy is now not expected to go into recession, instead the forecast is for the growth of around 2% over the next three years, which we believe to be a conservative estimation. The extension of the energy subsidy to the end of June 2023 will come welcome support adding an additional £160 to people’s pockets. The Chancellor also outlined cost-cutting measures will help reduce inflation and believes it will continue to drop dramatically over the second half of this year. In addition to this the UK economy has low unemployment, which is forecasted to remain low at 4.4% and will be a major factor in the UK's recovery.
Although there wasn't any emphasises on the housing market, which was disappointing, most of his new incentives where aimed at young working families and those at retiring age, both who make the most impact on the housing market - whether they are looking to upsize or downsize and the extra support and incentives will make a difference when they are ready to move house.
If you are looking to move in the next 12 months and would like to have a conversation on your options and next steps
please call our experienced sales team on 0208 743 1166 for more information on your next move contact firstname.lastname@example.org
Chris Kerr MARLA
Owner and Director