Autumn statement: key takeaways for the property market
News at Waterfords | 17/11/2022
On November 17th, Chancellor Jeremy Hunt pledged to face the economic storm in his Autumn Statement. Hunt announced widespread spending cuts and tax rises to tackle inflation and escalating mortgage costs.
In the short-term ,GDP is likely to shrink by 1.4% in 2023. However, due to the new measures being taken, is expected to grow by 9% by the end of 2027.
The expected 9% increase in house prices this year is likely to be countered by a fall over the course of 2023-24 but price growth is set to resume in 2025.
Mortgage rates are now expected to peak at 5%. The steps taken have been made to protect long-term economic growth and rebuild the UK economy, which is now officially in recession.
An estate agent you can trust
During times of instability in the property market, it’s important to work with an estate agent you can trust. Waterfords has been your trusted, local estate agent in Camberley, Chobham, Fleet and Yateley since 1995. We have vast experience of getting the best possible price for our sellers and landlords in the local area.
Call our team for a friendly chat about your property requirements, with no pressure from us to sell or let your home. When the time comes to move home, we will be with you every step of the way, aiming to take as much stress out of the process for you as possible.
We look forward to helping your on your moving journey. Contact your local branch:
Camberley: 01276 66566
Chobham: 01276 858589
Fleet: 01252 623333
Yateley: 01252 870222
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Source: Dataloft, UK Government, Office for Budget Responsibility