Regardless of your political views, the beginning of a new government and Prime Minister last week is likely to bring a brighter future for the housing market. The Prime Minister has made it clear that he wants to introduce a number of more popular measures over coming weeks and, on his first day, was very pleased to announce the saving of VAT on electricity bills for the forthcoming winter. This by itself will create an instant saving for everybody paying household energy bills and this is very welcome.
The new Prime Minister also announced his intention to deliver extensive housebuilding progress throughout his term of government, and I am sure that this will be a commitment he will want to meet with increasing vigor and enthusiasm. His predecessor had made a wild promise of 1.5 million houses to be built and certainly that was not ever going to be met, but I watch with interest as to how we learn of the plans forthcoming to increase the housing stock throughout the country, which is good news.
The housing market is boosted by confidence and it is all about the feel good factor that people ask, whether they move or not. Interest rates and inflation play a major part in this, and we will of course do our very best to manage that within the policies of our country but this is perhaps a little bit more difficult when outside factors beyond our control influence such matters significantly.
I, for one, welcome the prospect of a renewed confidence within the housing market in the second half of 2026 and I hope that the new governments promises to build will materialise very quickly, and that some of the red tape surrounding some of these developments can be removed, and that we can also open up some of the oil fields in the North Sea, which would also be a very strong message for making us more independent on our fuel and energy for the future.
I am also keen to hear more about the proposed measures to improve the period of time it takes between an offer being accepted and an exchange and completion of the sale, and any streamlining of this process which can be brought forward in the future will be a tremendous boost to the housing market as well.
2026 has continued to show strong demand within the North East of England for house prices, especially in the lower to mid levels, which are more affordable to the vast majority.
Our offices are busy and we are selling popular properties within a short period of time by pricing them correctly, maximising the viewings, and therefore the offers that we receive to make sure that our clients move as soon as possible within 2026.
If we can be of any help with your property and requirements, please do not hesitate to contact me on duncan.young@sandersonyoung.co.uk.