Peter Illingworth makes his Autumn forecast for the Ryedale Market. The market is very unsettled, as purchasers and vendors consider their own personal circumstances, with a new change of government and the promise of a painful budget has led to much uncertainty. The budget is programmed to take place at the end of October, what this will mean for capital gains taxes and property taxes we will have to wait and see. This will be followed by the Presidential Election in the USA which may also create some economic fallout. Both buyers and sellers may need their brollies.
However there are good signs too, interest rates fell for the first time in August and are expected to fall again. The housing stock has been rising with interest rates coming down. Vendors and buyers always have reasons to move, be it a change of schooling, jobs or being in a new home for Christmas. All in all this should mean the market has a good chance of being in equilibrium which could mean we may need our sun hats too.
The government has promised us 1.5 million new homes over the next five years that is 800 being finished each week, that equates to 50,000 homes since the government took over 2 months ago. They really do need to get a move on if they are to hit their target. The Prime Minister had promised to work at speed, he certainly will have to.
Forecast for the remainder of the year rainy with sunny spells.”
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