New Year New Home
20 Dec 2022
Whilst we don’t have a crystal ball, here are our predictions for what will be a tougher but still positive 2023 housing market.
Halfway through the year no one would have or could have predicted the chaos that was created by the now infamous mini-budget with the ramifications still being felt. However with the dust settling there is a sense that the initial panic is over and a sense of normality is returning.
Mortgage rates have started to come back down and whilst borrowing is considerably more expensive than it has been in recent years, demand is still relatively strong and supply relatively short. Some sellers’ expectations have had to be adjusted, prices have not dropped dramatically and whilst there will no doubt be some price change over the next 12 months I don’t envisage it to be the large reductions that have been referenced in the press but instead will be more of a correction.
Higher energy bills and general increases with cost of living may well lead to a rise in larger properties coming to the market as people look to downsize. This may actually be good news for some given that the main issue surrounding the housing market over the last couple of years has been a shortage of supply especially of more substantial family homes. An increase of larger properties to the market could be the solution to the great amounts of property sales currently stuck in open ended chains where sellers have been unable to move as they have not been successful in finding the suitable property to move to.
In a quieter market place it is imperative that we as Estate Agents ensure that we work diligently and proactively for our clients as it is no good to simply sit back and rely on internet advertising to sell a house. It is in a tougher market place that quality Estate Agents can really prove their worth, a return to a more traditional yet innovative Estate Agency will produce the best results and with over 30 years of experience in the local market we are extremely confident that here at Beadnall Copley we can still achieve great success for our clients in 2023.