Local Property News Update by Jordan
Hello to all you great people out there reading this post, if the weather today didn’t saturate your spirits then, maybe listening to the news will be another hammer blow to everyone…when will it ever end do I hear you say (forecasters say 2024 apparently)!
It has been a tough week for us to all stomach and one I wish I could forget about… from the devastating news about the death of baby Awaab left in simply shocking unacceptable conditions, to the hammer blow on the Autumn Statement today because of surging inflation. Expect major reforms to follow on current laws and regulations on rental properties as councils will naturally have to act faster than ever before and show they are protecting tenants.
Regarding Mansfield and its surround towns and villages we always bounce back, may I say even stronger than before but, the property market currently seems to be evolving. Days of 100 viewers per property this summer for 1 property (either for sale/to let) is slowing down and the data I am seeing is showing a real divide of public opinion with estate agents as a whole listing less, than 6/8/10 months ago.
Some say the market will go into a deep recession wiping off tens of thousands to current home values, others feel two years and the market with go up. My gut feeling is there are still masses of buyers and tenants wanting for great properties and as long as they can purchase with mortgages or cash then property is still my number one choice to put your money into. It will only go up in value and rents will naturally rise to accommodate further assessments and requirements brought in, not to mention better more energy efficient homes.
For the next two years the housing market will be more competitive than before but, that will be it in my opinion. I have never witnessed a market where every single person is being battered in one way or another financially.
Either way, we will all get through this like we always do!