1 February 2023
Lots has been referenced regarding the cost of living in recent months. Any thought of moving house this year has been traded for stories on rising property prices and the utility bills that come with them. However, we’re here to tell you that in 2023, you have the chance of buying the home that you deserve. Whether it be buying your first home, or selling your current property, there is light at the end of the tunnel.
There are numerous signs that 2023 is going to be a brighter year for the housing market, offering a calmer outlook on housing prices and the economic climate. Before jumping to conclusions, it’s worth noting that the change won’t be instant. It’s predicted that although there will be a drop in mortgage rates during the second half of the year, they will still be high during the first six months.
While there is a slight drop off in demand from home buyers in comparison with last year, it’s still larger than the last figures recorded before the pandemic. According to an article by Rightmove, the housing market in 2023 is expected to be up by 4% from 2019. Additionally, in this month alone, there has been a 55% increase in people contacting estate agents. So, if you’re thinking of selling your home this year and you’re concerned over whether someone will come and take your house off the market, you have little to worry about.
However, even if the demand for homes in the UK is still high, you need to price your house competitively to ensure it will sell. This year, you’re more likely to get what you want for it – Rightmove has said that the average asking price has rose by almost 1% in January of this year, the biggest it has been at this stage of the year since 2020.
Those who don’t overprice their home will reap the most benefits in 2023. The bounce in the common buyer’s activity will favour those who have priced their property correctly, in comparison to those who don’t. Tim Bannister, a property expert, says that the key to finding that sweet spot when setting a house price could be down to listening to your estate agent.
“Listening to your estate agent’s advice about your hyper-local market and pricing right the first time, can avoid a stale sale and the need for even greater reductions later.”
The housing market is located on a two-way street, you need buyers and sellers to make it work and this year, there seems to be more enquiries from both sides of the section. Gareth Overton, Head of Residential Sales at Henry Adams, saw this coming.
“Across our network of offices, we’ve certainly been cheered by the volume of sales activity immediately following the Christmas break. People are now looking ahead and putting their moving plans into action for the new year.”
“Along with increases in viewing levels seen so far in 2023, we’re also receiving more requests for valuations. This bodes well for a reasonably balanced market in the months ahead, where supply and demand are more evenly matched.”
If you’re thinking of moving into your dream home in 2023, Fletcher Homes offers a variety of high-specification new build properties which are available throughout the year. For more information, explore our housing developments to find your perfect Fletcher home today.