Chancellor was quiet on the property sector in Budget but business goes on – Wakefield Estate Agent

Wakefield’s Richard Kendall Estate Agent found the budget left the property sector largely untouched – but it is business as usual. Here, Partner Claire Kendall gives her take on the Budget and the sector. Please note the views expressed here are independent of the Yorkshire Post.
Ad Feature by Richard Kendall Estate Agent
Published 15th Mar 2024, 07:15 GMT

Claire Kendall said:  “Well unfortunately the budget largely ignored the property sector and came as a huge disappointment to agents up and down the country, never mind Yorkshire.

“There were hopes that the Chancellor would address stamp duty reform and perhaps unfounded rumours of a government backed 99% mortgage product, however one of THE main drivers of the UK economy was left largely untouched.

“I’m not political and it is not my intention to start now. There will be a bit of money in the pockets of the public with the cuts to national insurance and I am grateful for the provision to the NHS and Hospices across the country, but for me it is business as usual for the property market in Wakefield and surrounding area.”

Positive start

“2024 so far has been a very positive start in our Region. At Richard Kendall our valuations carried out are 8% up on last year, sales up by nearly 20% and exchanges up again by 8%.  What also is improving is the time it is taking for a sale to go through to exchange from point of sale agreed.  Pre-covid transaction were taking on average 13 weeks from sale agreed to exchange, but by 2023 this had extended to an average of 19 weeks.  However so far this year, we have seen a steady improvement to 17 weeks which bodes well for the coming months.

“In addition to the above, viewing figures are back to the dizzy heights of the summer of 2020 through to 2021 when the property market imploded post covid. What we do know is that there are many serious buyers out there, and what’s more, we have a plethora of different types of buyers.  First time, investors, developers, moving down the street or moving back to gods own county after moving away 40 years prior.

Resilience

“Many times, I have said that the people of Wakefield are resilient. A double dip recession, changes of government, a world pandemic and Brexit have taught me that. 

“I am confident that 2024 will have its ups and downs, but lending is still available and just about affordable, demand is there, and supply has started to filter through. The next hurdle will be the next general election, but regardless of the inevitable outcome, we will carry on.”

To find out more about Richard Kendall Estate Agent click here

 

Related topics:BudgetWakefield