Property values stall in September latest figures show

CEO of Alliance Fund, Iain Crawford, commented:

“We’re yet to see any real signs of a notable drop in house prices despite a turbulent few months and now that the government has steadied the waters, any movement is likely to be a gradual return to normality rather than a sheer market crash. 

Of course, tomorrow’s Autumn Budget could put the cat amongst the pigeons in this respect. While it looks as though residential homeowners and buyers won’t feature directly, the nation is bracing for further tax hikes. Any dent to our post tax income is likely to further impact our ability to borrow and buy, which will translate to an overall reduction in market sentiment.”

Director of Benham and Reeves, Marc von Grundherr, commented:

“The property market has continued to weather the storm of late and while we may have seen a reduction in buyer demand due to higher mortgage rates, we’re simply not seeing any downward pressure applied to sold prices, despite a static rate of growth on a monthly basis. 

This is largely due to the fact that buyers have been keen to transact at pace in order to secure the rates currently on offer, before they climb even higher. In doing so, they’ve helped to maintain a consistent level of activity in the process which has kept the market afloat.”

Managing Director of Barrows and Forrester, James Forrester, commented:

“It’s incredibly hard to gauge the true health of the UK property market at present, with increasing mortgage rates leading to a period of turmoil, followed by a renewed level of certainty as a result of a government refresh. 

That said, there remains a large degree of economic instability and this week’s Autumn Budget may well add to this.

At the same time, we can expect two things come December. Mariah Carey in the music charts and the usual seasonal slowdown in property market activity.  

As it stands, the property market remains resolute, but we will have a much clearer view of things come 2023.”

Managing Director of HBB Solutions, Chris Hodgkinson, commented:

“All current indicators suggest the market is starting to freeze over with homebuyers giving the idea of homeownership the cold shoulder following a sizeable uplift in the cost of borrowing. 

This declining level of buyer demand is yet to cause house prices to actually fall, but the tide is starting to turn, and with the market now slowing right down until spring we can expect property values to follow suit sooner, rather than later.”