Nationwide housing market turbulence won't affect buyers in Marlow, according to local estate agents.

Sky reported this morning that house prices in the UK had fallen by 3.4% year-on-year in May, marking the biggest fall in over a decade.

Amid speculation that the Bank of England is now set to hike interest rates further, how might these figures affect buyers around the Marlow area?

Phillip Hamp of Ballards, an independent family-owned estate agency with a branch in Marlow, said that what may seem like turbulence in the housing market is more of a correction that is unlikely to impact would-be buyers in Marlow.

He said that business had been quieter in the Thames-side town in the wake of the stamp duty holiday, a scheme introduced in 2020 to boost the UK property market during the pandemic by not charging for stamp duty on properties under £500,000.

“So many people wanted to buy during that period, but then the prices went up as a result. The dip we’re seeing now is really a correction in the market because of those inflated prices.”

While prices have fallen by over 3% nationally, real estate in Marlow is likely to remain reliably steady because of its desirable location.

Mr Hamp said: “This is a wonderful place to live and it’s also an expensive place, so the market will naturally be stronger.

“It means that while housing prices aren’t the same as they were last year because of inflation and cost-of-living, things will always be relatively good here.”

Alex Reid, Associate Director at Savills on West Street, Marlow, added: “The last 24 months or so were exceptionally busy with high demand and short supply leading to unprecedented house price growth that was always going to be impossible to sustain.

“Buyers are cautious now, and many are bringing their budgets in line with higher mortgage rates – but demand for well-priced homes in popular locations remains strong.

“The lifestyle on offer in Marlow and surrounding areas – with good schools, lots of excellent restaurants and plenty of green space, all within close proximity of the capital – mean that it’s a popular choice for families and downsizers alike.”