What is going to happen to the Property Market in 2023?

It's always tricky to predict the future, especially concerning something as complex as the UK property market. However, that doesn't stop people from trying! In this blog post, I'll look at some of the predictions for 2023 and see what might happen to the market. Political uncertainty will likely continue to have an impact on prices and demand

As a property expert, I am often asked by clients, friends and family what I think will happen to the Property Market

Political:

Political uncertainty will likely continue to impact prices and demand in 2023. People are concerned as they are now seeing the cost of living surging forward and wages are not increasing enough to meet the cost of living rises, and there seems to be no light at the end of the tunnel.

Economy.

With the economy on the brink of recession, inflation running at 10.096%, and mortgage rates at an 18-year high, this seems the perfect storm for the property market to correct itself. Nevertheless, we are still seeing people putting their properties on the market and wanting to move, and from our agency, we are still seeing buyers register to view the property. Still, the demand has undoubtedly slowed and is likely to continue into the 1^st quarter of 2023.

Mortgages:

Mortgages are expected to become more complex and costly in 2023 as interest rates continue to increase, coupled with people's ability and affordability to secure and maintain a mortgage, will have a direct effect on property prices and confidence as a whole in the property market

Conclusion

It's hard to say what will happen in 2023, but the current political and economic landscape will likely affect the property market. So if you're thinking of buying or selling a property in the next few years, please don't hesitate to get in touch. I'll be happy to answer any questions, and help you navigate these uncertain waters.

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