Housing Market & Carpets
The housing market and carpets go hand in hand. So, to hear that the housing market is ‘losing momentum’ according to the Nationwide, could be bad news for the carpet industry. Allied to the supposed slow down, mortgage approvals in September were nearly 20% down from where they were at the turn of the year.
Since the purchase of new carpets is normally on the back of buying a new house or redecoration, one could be forgiven for thinking that this was grim news. However, anecdotal evidence from Carpet Foundation members suggests that the market is actually quite buoyant. Yes, the market may be down anything up to 25% from the good old days but whisper it quietly, there is a wave of optimism among the carpet industry.
This may seem strange in the light of this new economic data but delving into the Nationwide press release, while the headline news is ‘housing market slowing down’, it is particularly the case apparently in London! Quelle surprise!! London is a unique bubble.
People are still buying carpets, indeed more so than for a while. Good news, however, is not front page Contemporary elegant luxury pale red and grey bedroomnews!!