The autumn and winter of 2022 saw many predicting major turbulence in the housing market, but so far this year, actual industry figures have been very encouraging.
For example, recent data from Zoopla shows that buyer demand is increasing as people feel more confident about the state of the wider economy – particularly mortgage rates.
Low unemployment has also helped the market remain robust despite the recent financial trauma the nation has faced. Buyers have also been encouraged by greater choice in properties, up 65% since last spring.
Although house prices fell between October 2022 and April 2023, the drop was only 1%, according to Zoopla’s House Price Index. As we shift back into a buyer’s market, sellers have been more flexible on price. But considering the incredible price hikes we’ve seen during the pandemic years, most sellers will still make a healthy profit on any sale.
Of course, a lot can vary between regions and even specific neighbourhoods, towns, and cities. To learn more about where you’d stand buying or selling in the current local market, contact us for a chat or to book a valuation.