Copy article

Nationwide Oct HPI

ended 01. November 2022

Tomorrow morning at 07:00, the Nationwide is publishing its latest house price index. How did the property market fare in your experience in October? Did demand drop off as mortgage rates went nuts, inflation rose again and parliament descended into farce? What do you think's going to happen to house prices in Q4 of this year and 2023? Just a paragraph or two MAX please. Deadline is tomorrow AM 06:45.

5 responses from the Newspage community

Copy all

Star Quote
Copy

Sofia Jones
Mortgage & Insurance Adviser at Penny House
Few will be surprised at the sharp slowdown in annual price growth in October. Over the past five to six weeks, since the now infamous mini-Budget, demand from buyers understandably dropped off a cliff as mortgage rates shot up and political turmoil rose to Alpine heights. Where we were active in October was with requests to remortgage as people sought to protect themselves as best they can. We’re predicting a busier November and December as buyers who held off in October amid the chaos decide to move forward with their purchases, as they see lenders reducing their fixed rate deals across the board. Let's hope the Nationwide are right in that a soft landing is still possible. The lack of supply and strong jobs market may well serve to support that.
Copy

Editor
Rob Peters
Principal at Simple Fast Mortgage
That was a bleak October for the property market. Expect values to continue to fall during the close stages of the year. The timing of market volatility and interest rate rises has culminated perfectly at what is traditionally the quietest part of the property calendar. Early 2023 will certainly see property values in some areas fall, but by how much or how long nobody knows. Adding fuel to the fire, the Bank of England is expected to increase interest rates further when it meets this week. However the impact on mortgages rates is expected to be minimal given most lenders have already priced in far more than their fair share.
Copy

Editor
Riz Malik
Independent Financial Adviser at R3 Wealth
There is more chance of King Charles writing the foreword to Prince Harry's new book than there is the property market seeing significant house price growth over the next six months. For activity to pick up in the housing market, confidence and some form of stability need to return and both are sorely lacking. The past six weeks or so have blown confidence to smithereens. A lot of people will be sitting on their hands and waiting to see what happens when the Bank of England meets this week.
Copy

Editor
Imran Hussain
Director at Harmony Financial Services
Demand for mortgages slowed down in October due to the extreme market volatility caused by Trussonomics. We could well see a drop in house prices across certain regions until stability returns and there is more clarity on mortgage rates, but the fall unlikely to be extreme due to the lack of stock on the market.
Copy

Graham Cox
Director at Bridging Hub
October 2022 will go down as the month the property market became a buyer's market. However, due to the time lag between transactions being agreed and the Land Registry reporting completed sales, the true extent of house price falls, for several months yet, will be masked by declining year-on-year property price growth. Early next year is when it will become obvious the market has turned and house prices are actually falling sharply. A drop of 20% or more over the next 18 months is quite possible.