House prices are being given mixed predictions by Bristol property experts as the Bank of England forecast the UK will fall into a recession this year. Inflation rose above 10 per cent for the first time since the 1980s back in July while the energy price cap nearly doubled last month.
Property experts have now predicted what they believe will happen with property prices over the next few months, with one forecasting a slowdown in the rate of price growth and another one predicting house prices are to fall.
Graham Cox, founder of the Bristol-based broker SelfEmployedMortgageHub.com: “August was busy, with lots of enquiries from clients looking to remortgage.
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"There's a real sense of urgency now after the recent 0.5 per cent hike in the Bank of England base rate. The market is definitely turning in favour of buyers, who are wary of paying over the odds now mortgages, energy and the price of everything else is going through the roof.
"Unless Truss or Sunak can pull several rabbits out the hat, I don't see anywhere else for house prices to go but down.”
Toby Fields, co-founder of Bristol-based Langley House Mortgages: “Inflation is rampant, energy bills are entering the stratosphere and more interest rate rises are inevitable so the days of double digit price growth are drawing to a close.
"However, frighteningly low stock levels will continue to support prices in the tough months ahead. We are far more likely to see a slowdown in the rate of price growth, or flat growth, rather than a collapse in prices."
Andrew Simmonds, director at Bristol-based Parker's Estate Agents: “We are seeing more stock enter the marketplace than we have experienced in the past 12 months, but buyers are now contracting back into their shells a little.
"The rest of 2022 will be interesting. I certainly do not see the same growth as previous years, perhaps fairly static values and certainly not prices falling, at least yet.”
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