Richard Norman, Commercial Director & Head of Strategic Partnerships, Dye & Durham UK: “This week the Chancellor of the Exchequer, Jeremy Hunt, has taken steps to support various areas of the economy, which will help bring down inflation and will ultimately have a positive effect on reducing interest rates and the cost-of-living for many.
These moves may reduce many of the concerns of homeowners, as highlighted in our recent independent study of 2000 UK mortgage holders, which found that almost one in three are worried they will fail to make mortgage repayments in the next year, while more than one in ten UK mortgage holders plan to delay buying or selling a new home in the same time period.
With more than half suggesting the cost of living crisis is affecting their mental health, we hope the updates announced in the spring Budget will go some way to help towards household budgets overall and to alleviate some of their worries.
The UK property market will certainly face considerable challenges over the near term compared to the past few years, however with inflation reducing, the market will see some stabilisation.
In the meantime, property and legal firms can take the time to examine their resources and adopt tools designed to digitise and modernise their workflows — and increase their productivity and profitability — which will help to give them a significant head-start on other firms once the market returns to a more normal pattern.”
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