London Says the Market is Starting to Slow, this Does Not Appear the Same in the Chesterfield Area

WILL CHESTERFIELD BE AFFECTED IN THE SAME WAY LONDON CLAIM IS HAPPENING?

It has been said recently by some London agents (and other claimed “property experts”) that the London market is starting to slow and that may well be the case, but we are seeing no slowing of willing buyers in the Chesterfield area, we are however seeing a slowing down of valuations being booked and going ahead.

This is affecting the numbers of properties coming to market and therefore increasing the supply and demand situation even further, so as soon as properties come to market, they attract a substantial amount of interest resulting in offers of the asking price, or in a lot of cases even higher.

While there are several factors that may well be affecting the London market, they do not appear to be having the same affect in the Chesterfield area. This may well change, we may also start to see things slow, but for now it seems to be carrying on.

The country has been hit with a few things in quick succession which may have contributed to the ‘London market slowing’, the war in Ukraine, inflation rates at a high not seen for over 40 years and the small, but regular Bank of England interest rate hikes. All three things combined could have made some people nervous about committing to purchasing a new home in London.

Things may well continue in a positive way in Chesterfield, the war appears to have moved onto another stage which is much slower and the media seem to be taking less interest in it, even though what is happening is terrible. They are now exporting grain again from Ukraine which will relieve some of the worlds struggle for grain and therefore we may well see the cost of food produce reduce. Fuel (Petrol) has been disproportionately and unfairly high, we are now seeing the cost of petrol reduce in large chunks. Finally, the Government have agreed to help the general public with the cost of gas and electric through the winter by offering cash back to them.

FINISHING STRONG

If the above continue, then the “London Slow Down” may just be a very temporary thing as confidence returns and people have the disposable income that they had a last year.

Chesterfield’s housing market has remained pretty strong through the last six months with only a small drop in the valuations being booked. We hope that this continues and people have the confidence to move and put their property on the market.