Housing Market Trends and Exciting Prospects for 2023!

January has proved both a mixed bag of results and a mixed bag of forecasts, with the more gloomy commentators hoping to attract headlines, stating house prices will drop 5% this year, to the more realistic such as Savills Estate Agents, who predict that house prices will recover and the average house price will be 6% higher over the next 5 years.

I noted an interesting article in The Times, noting that as the cost of living has increased and mortgage rates have increased, property prices fell slightly towards the end of 2022, but asking prices defied all expectations in January 2023 by rising 0.9% according to Rightmove. My own view, is that we will see a steady market in the months ahead and as I have said many times, the housing market is another commodity and demand still out weighs supply. Across all of our offices, we have seen a 15% to 16% drop in prospective purchasers looking, however as our consultants will tell anybody, all viewing slots at block viewings which are not as frantic as before, are still filled but with people wanting to own their own home and now is the new normal. I was asked over Christmas, would you buy a house in 2023 and the answer is yes I would.

Something else that has defied my expectations is the number of tenants, which as I reported to you last month is around 15 to 16 prospective tenants for each property and as I have said many times before, landlords can afford to be selective. Whilst I wait for all the figures and statistics to be analysed, all indications are that rents have increased already this year.

Exciting news ahead as we prepare to open our new flagship office, with more on the way this year.

Turning to New Homes, we have 87 units available with a variety of different packages for any prospective purchasers looking for new homes, whether it be flats or houses, and I would urge anyone to speak to Patrick Donnelly, our new homes director regarding these units. We have new developments all across the borough from Sanderstead and Selsdon, to Norbury and Crystal Palace being launched in the first quarter of this year, so these are definitely exciting times and great opportunities for any prospective purchaser or investor.

As ever, if anyone would like to talk to me in confidence about moving, whether it be a casual first enquiry or a major acquisition proposal, please feel free to email or contact me direct and I look forward to reporting back to you in February.