Homebuyers hoping 2023 will be the year they get on the property ladder will be eager to find out what the market will be like over the next 12 months, after prices dropped and mortgage rates soared in 2022.
Experts have predicted the market will remain unstable for a while, with the boss of the National Association of Property Buyer Jonathan Rolande telling City AM things will pick up by the summer.
He stated: “This will negate some of the price reduction but it’s looking very likely that by the end of 2023 there will have been no increase in prices and perhaps even a fall of up to six per cent.”
Halifax Bank estimated prices to fall by eight per cent over the year, while Rightmove predicted they will drop by two per cent.
This will be good for homebuyers who are struggling to get a mortgage or raise enough deposit, as they will not have to compete with the surging house price rises of the last few years.
Indeed, Halifax recently revealed property values were £46,403 above pre-pandemic levels in December 2022, despite the recent drop in prices.
Mr Rolande noted the property market had to contend with a lot last year, including eight interest rate increases, five housing ministers, three prime ministers, four chancellors, a fuel and cost-of-living crisis, and soaring inflation.
“If the property market could withstand all of this, just imagine how easy things might be without such chaos,” he stated.
It is important to do your research when looking for a property, so feel free to pop into our estate agents in Hackney central for some friendly advice.