Date Posted: 11/11/21
Chancellor Rishi Sunak has presented his Autumn Budget, in order to deliver a stronger economy for the future.
Regardless of your political persuasion there was encouraging news from The Office for Budget Responsibility (OBR), who revised their prediction of the growth of the UK economy for this year, from 4% to 6.5% and the economy should be at its pre-pandemic level at the start of 2022, with modest increases of 2.1%, 1.3% and 1.6% over the next three years.
Inflation is due to average out at 4% over the next year and clearly the Chancellors excellent ’Furlough Scheme’ has worked, as unemployment which was forecasted last year to be at 12% of the population, has now been revised down to peak at 5.2%.
All these statistics are very encouraging for the health of the economy and will only help to strengthen the property market further. The news for the property segment was a little disappointing, however there will be an allocation of £11.5bn for the construction of 180,000 affordable homes and for all those residents with unsafe cladding a £5bn fund has been allocated towards the removal.
Now I know you are thinking, how will this affect the value of my current or future home? And I am happy to report that whilst the economy continues to grow, the property market is expected to grow too. Property values are unlikely to increase at the levels that we have recently experienced over the last twelve months, however we are expecting them to increase in the region of 3.5% next year. There is currently a seasonal shortage of property, with demand still out stripping supply.
If you are considering selling your home in Hertfordshire, please contact one of your local Putterills offices and once you have finished discussing your moving requirements, you can head off to your local public house, as The Chancellor has also announced a reduction in the lower rate of duty on draft beer and cider, which will bring the price of a pint down by 3p!
We look forward to hearing from you.
The Putterills Directors
