UNPACKING THE HOUSING MARKET IN BARNSLEY: TRENDS, IMPACTS, AND FUTURE OUTLOOK: PART 2

May, 2023

As we look ahead to the next 12 months, the Barnsley housing market is expected to continue experiencing growth and increased demand, but at a slower pace. With the economy continuing to recover from the impact of Covid 19, the housing market may see a stabilisation of prices, though there may still be some modest increases in property values.

 
One factor that may impact the Barnsley housing market is the government's Help to Buy scheme, which is set to come to an end in 2023. This may lead to a decline in demand for new properties, as buyers may be less incentivized to purchase a new build home without the government support. However, this may also lead to increased demand for existing properties, which could result in modest price increases.
 
Another factor that may impact the Barnsley housing market is changes in interest rates. While the Bank of England has indicated that interest rates are likely to remain low for the time being, any significant changes in interest rates could impact the affordability of mortgages and impact the demand for housing. If interest rates were to increase, this could result in a cooling of the housing market, with prices stabilising or potentially decreasing.
 
In addition, the supply of housing stock may also have an impact on the market. If there is a shortage of homes available for sale, this could drive up prices due to increased competition among buyers. Conversely, if there is an increase in the supply of homes on the market, this could lead to a stabilisation or decrease in prices.
 

Overall, while it is difficult to predict with certainty how the Barnsley housing market will perform over the next 12 months, it is likely that the market will continue to experience growth, though at a slower pace. The impact of the government's Help to Buy scheme coming to an end, changes in interest rates, and the supply of housing stock may all impact the market and prices. However, with the economy continuing to recover, it is likely that the overall trend will be towards modest increases in property values.

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