Russell Quirk the Chief Executive Officer of property agency eMoov has released a few things to say regarding the current state of the housing market, which is apparently seeing homes in the country rise in value more slowly than they were before, suggesting that some form of stability seems to
With the recent declarations of the Bank of England to freeze the amounts of interest rates that it normally gives out, it is always useful to seek out advice from someone who knows what they are talking about when referring to how this will affect the different property and construction
BDC 319 : Aug 2024
Russell Quirk the Chief Executive Officer of property agency eMoov has released a few things to say regarding the current state of the housing market, which is apparently seeing homes in the country rise in value more slowly than they were before, suggesting that some form of stability seems to have returned to the market. Quirk explains that one must accept a slowing down of rate levels in any case, due to the stagnation expected around the seasonal Christmas period. Things are therefore to be expected to have slowed themselves down somewhat in any case due to the simple fact that less people are likely to want to invest time and effort in the housing and property market around the Christmas season when they want to spend time with their families and friends. The slowing down overall thus seems to reflect this, but Quirk adds that things will certainly pick up again soon now that the tinsel season is over and business is opening up again as usual. Therefore it seems evident that the springtime season will show a rise once again because more people will be wanting to activate themselves again to get the year going with their plans to invest and change homes. Russell Quirk also adds that in any case the survey itself that has found this out (Rightmove) bases its data and results on the asking price of those whom it interviewed, and this is therefore not the same as the sold price itself. What it does however unarguably show is the expectations of people who believe that the market is at a lower rate than it actually is. Confidence is not what is used to be but the Rightmove survey did indicate a 3% rise in the amount of traffic that agencies are experiencing, showing that there is still much be said about the construction industry and housing development projects in the future months to come.
With the recent declarations of the Bank of England to freeze the amounts of interest rates that it normally gives out, it is always useful to seek out advice from someone who knows what they are talking about when referring to how this will affect the different property and construction industries around the country. Indeed, it seems clear that Mister Russell Quirk sees the bank’s decision to freeze these rates as an encouraging sign to the property and construction industries that this sector of the British economy will prosper as the year goes on. Indeed, Mister Quirk has explained that the housing market itself is in a strong position for the year ahead and the steadiness of interest rates remaining the same is a sign that the economy will be able to put itself back on its feet in terms of allowing more people to buy more homes and allowing the building and construction industries to invest in more projects and initiatives for land and housing development. The Bank of England’s decision, he intimates, will also have a positive effect on those wishing to buy a home for the very first time, but he has explained that people in this position will be more than ever advised to buy within their own affordable means and budget. This is due to the fact that the current interest rates will increase at some point rather than remain in their current static position: Mister Quirk therefore advises first-time buyers to be wary of the fluctuations in the housing market and encourages them to not be foolhardy in their buying enterprises. The same caution ought to be the case with members of the building, design and construction industries. Whilst investment in land capital and various project initiatives is undoubtedly a good thing, the amount of fluctuations within the British economy at this present time means that caution ought to be taken now more than ever before.
