Jackson-Stops comments on ONS Private Rents and House Prices data

Nick Leeming, Chairman of Jackson-Stops comments on the ONS Private Rents and House Prices data for September 2024.

“Today’s figures, running 6 weeks behind reality, offer an air of calm confidence.

“The late Autumn Budget spurred buyers to push completions over the line before any policy changes could disrupt the status quo.

“No doubt investors who were nervous about possible Stamp Duty and Capital Gains tax rumours were pushing for transactions to complete before the end of October.

“This practical perseverance is evident across the Jackson-Stops network, with instructions steady and a slight increase in prospective buyers on an annual basis.

“Areas such as Chichester, Ipswich, Northampton, Sevenoaks, and Woburn all saw a bounce in instructions in October, but demand in these areas from new buyers far exceeds new listings.

“The hope is that the Government’s commitment to build more than a million new homes does help to address this supply shortfall but not at the expense of market confidence.

“As well as the lack of stock, what will hold buyers back is mortgage affordability.

“Despite the base rate being cut to 4.75%, this reduction is not yet feeding through into mortgage rates due to external headwinds.

“But the market should take confidence from the fact that activity levels are up year on year.

“As we approach a traditionally quieter period, the market can take comfort in a much more resilient and certain ending to 2024 than much of this year had suggested.”

Kindly shared by Jackson-Stops