House Price Predictions For 2023
2022 was a difficult year for the property market.
With economic uncertainty and the cost-of-living crisis, house prices have been on a steady decline. But what does this mean for 2023? Should you be delving into the market this year?
Don’t worry if these questions are on your mind. Today we’re looking at predictions and trends for 2023 to help you determine if you should buy or sell this year.
House Price Trends: What You Need To Know
The average UK house price peaked in August 2022, and since this increase, it’s been a constant downhill motion for price figures.
In fact, the Halifax House Price Index has just reported that the average house price figure has fallen for the fourth month in a row–by a 1.5% drop. At the end of December 2022, the average house price was around £281,272. Whereas, in August, it was £10,000 higher at approximately £293,992. Read our complete take on December’s trends here.
But this is last year’s news. What’s the forecast for 2023?
Right now, we’re expecting further drops and a slowing market. While it’s tough to predict exactly how much the market will lower, Halifax representatives are estimating an 8% drop during 2023. Halifax also predicts higher mortgage rates before the year is up.
Alternatively, Knight Frank resources are stating homeowners should “ignore data from the chaotic final quarter” of 2022. This team predicts a slowing due to the new post-mini-budget landscape but not an 8% overall drop.
Unsure what to think? It’s likely that house prices will remain under pressure for the next year. Expect higher mortgage rates due to the economic downturn and cost of living issues. We’ll also be looking at lower overall house prices, which isn’t all bad news. If you’re ready to buy, now’s the time to nab an affordable deal.
Find out tips for taking advantage of the dropping house prices here.
The best way to navigate these uncertain times is to stay up to date with the latest research and use the facts and figures to inform your decisions. When in doubt, professional agents are on hand to give your personalised guidance on your property journey.
Need Expert Advice?
Planning for the future is crucial, but creating a steady roadmap is challenging in uncertain times. Whether you’re interested in selling, buying, or don’t know whether you should wait–we’re here to help.
As London-based property experts, the Allen Goldstein team is always on your side. We provide professional assistance and bespoke property advice to help you make the most of the ever-changing market.
Get in touch with our team online here. Or drop by our Kings Cross office from Monday to Friday. Saturday visits are by appointment only. We’re also available at enquiries@allengoldstein.com.
For property, it has to be Allen Goldstein.