2022 saw a number of tumultuous events, including three prime ministers, the so-called mini-budget which caused massive disruption to the financial markets, a huge increase in the cost of living and widespread industrial action.
So, what does 2023 hold and what are some of the UK housing market predictions?
Well, it’s certainly not all doom and gloom.
We’ll talk about some key housing trends later but in general economic terms, housing market activity is generally predicted to be back to pre-pandemic levels.
Inflation is expected to have peaked by the end of 2022 before falling back over the 23 and 24 to around 3%, and with mortgage interest rates set to stabilise between 5-6% confidence should return to the market, especially whilst the stamp duty holiday remains in place up to £250,000.
We are blessed in this area with beautiful countryside, excellent primary transport connections, bustling market towns and pretty villages, which is why it is seen as one of the best places to live in the country – and being born and bred here, I completely agree.
So, those housing market trends. Well, there is no doubt that the market is shifting from a sellers’ market to a buyers’ market, so what are buyers looking for?
Rightmove has analysed some interesting trends with a real move to outside and garden focus.
The winners are:
- Garden offices – up by over 1,000 %
- Bi fold doors of course – up by nearly 600%
- Orangeries – up by 173%
- Summer houses up by 90%
These have been at the cost of:
- Greenhouses down by 46%
- Conservatories down by 52%
Inside, the requirement for separate dining rooms has dropped by nearly 30% in favour of open-plan rooms, up by 74%.
And environmentally, underfloor heating is up by 114% and electric car charging points by 495%
So, there are a few of the UK housing market predictions.
We have been delighted to help so many people find their perfect home over the last 12 months and look forward to continuing this over the next 12.
After such a buoyant market people have got used to properties selling quickly, however with the change in market conditions, it is so important to choose an agent who explores numerous routes to market and not just advertise on the property portals and wait for the telephone to ring.