November 21, 2023
Updated: Apr 26 After the slowest December, January, February we can remember, the housing market in Berkshire and Oxfordshire kicked on and we saw an increase in enquires for both Building Surveys and Homebuyer Reports in March. The fated 'mini - budget' at the end of last year caused huge panic in the housing market. Stock markets dropped, interest rates rose and the housing market stood still. Moving into what is traditionally a slow period in housing, the fallout from the Chancellor's decisions hastened things along and really things were never going to pick up before the end of the year. Looking at the stats, the picture is muddled. Residential property transactions in the UK: December 2021 - 93,370 January 2022 - 70,460 February 2022 - 80,790 December 2022 - 91,780 January 2023 - 64,900 February 2023 - 65,850 Ok, so there is a slow down in each month when compared to the year earlier - when things were flying and we were still riding the post pandemic wave. But really there is nothing significant until February, where there were 15,000 less transactions in 2023 as compared to 2022. This does tally with our feelings. Demand for building surveys in Reading, Oxford, Newbury and beyond was slower in February. It is, however, cold comfort that the stats simply agree with us! So what for the future? The UK economy hasn't really done much for years now - we are ready for some growth. The problem is, we are so much beholden to global politics and the economic implications that come with it, that now the US seems destined to crash (financially), we will be collateral damage. Be it a rapid decline, or a slow drop, there seems to be no averting a recession, even if the British bankers want to keep poring over the figures that tell us we 'narrowly missed a recession'; this is, for all intents and purposes, a recession, and the housing market will take a hit. Often, housing downturns don't manifest in reduced valuations, no growth also represents a loss in value, especially when inflation is high. Recent figures say that house prices dropped in March - year on year - by 3.1%. When you factor in over 10% inflation over the same period, we are looking at a loss in value in real terms of over 13%. Merchant of doom I may be, and there is a good chance I'm wrong. The economic figures say that the UK is pretty much past the worst, there will be growth by the year end and we should return to calmer waters in 2024. Lets hope the US economy doesn't hold onto us like a trapped anchor as we try to sail out of the storm. Building Surveys in Berkshire and Oxfordshire In times like this you have to offer something different, be at the top of the game and simply out-perform your competitors. The biggest area of growth we have seen in the last month has been enquiries for Surveyors in Oxford. We have sent more quotes out for building surveys in Oxford than we have any other area. Why is this? Well, we offer a high quality service, in areas such as Reading, Newbury, Oxford and the surrounding areas of Berkshire and Oxfordshire. Our Building Surveys and Homebuyer Reports are completed by RICS surveyors who come highly regarded. To book a Building Survey or Homebuyer report in Berkshire or Oxfordshire click on the quote link below. Give us an opportunity to use our drone to survey your roof, or thermal imaging to check for hidden defect, and show you why our customers rate us highly.