Market comment from Sam Butler, Senior Partner Butler Sherborn
Thanks to an unprepared mini budget, and one that was not supported by the Office for Budget Responsibility (OBR), shock waves have reverberated through the property market.
Interest rates have risen sharply, quickly catching out buyers and sellers. Unsurprisingly, confidence has been knocked.
Our feeling is that interest rates were on the rise and would have reached the 6% levels in the spring in any event, but the mismanagement of the economy by the Government has been the catalyst.
We have seen prices make a 5% downward adjustment over the last two weeks, but with buyers remaining committed to buying a house in the Cotswolds.
Fundamentally, we believe the market remains strong; for the last two years there has been an imbalance between a shortage of stock and an abundance of buyers.
There are no significant signs of this changing, but we all dislike uncertainty. On the flip side, The Cotswolds remains a hugely attractive area in which to live and to buy your forever home".
To discuss this or any other property matters, Contact Sam Butler on 01285 883740 or sam@butlersherborn.co.uk
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Instruct a solicitor at an early stage to review your title and title plan before taking your property to market. Obtaining legal advice at the outset allows any potential issues to be identified and addressed in advance, significantly reducing the risk of delays or complications later in the process.
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