Stability creeps back in to the property market!Published 27th January By Jennie Fundell
The desire to own your own home is something which is intrinsically embedded in the psyche of the British public. History shows that the property market is very much driven by the wider macro environment and these ups and downs create increased, or decreased demand in the property market.
The post-pandemic period created the ‘race for space’, and there was a plethora of people who wanted to sell as well as buy, increasing pricing due to the high levels of demand. Naturally this frenzy started to tail off during the latter part of 2022, it simply couldn’t be sustained. The shock wave felt by the mini budget caused a brief pause in the market as everyone tried to navigate this period of instability.
Having approached 2023 with a degree of trepidation, we are delighted to report that, three weeks in, the appetite to buy is still very much present. Whilst stock levels may well be slightly down on the last few years, buyer enquiries have not dropped by anywhere near the same level. Those now entering the market are accepting affordability for what it is currently, rather than what it was before.
In their January House Price Index Rightmove reiterated what we have experienced at branch level. “After the market’s uncertain final few months of 2022, this familiar seasonality is a tentative sign of stability, with new sellers feeling confident to test the market, albeit at average asking prices that are 2% below October 2022’s record. It’s still early days, but this is a more encouraging start to the year than many anticipated.”
As stability starts to creep back in to the mortgage market, naturally buyers and sellers will begin to feel a renewed sense of confidence. This will naturally bring new property stock, and with this comes a more settled period of pricing.
Given our 200 years of trading we have a wealth of experience operating in shifting markets. Rest assured, if you are looking to sell your home, there is still very much a market and we would of course be delighted to help.
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Established in 1817 White & Sons are award winning independent estate agent with offices in Dorking, Reigate, Horley, Oxted & Leatherhead. We are a forward thinking business which uses cutting edge technology backed by 200 years of experience to assist with all your property related matters.