While there are many gloomy predictions regarding the housing market in 2023, it is pleasing to see some leading names in the sector suggest things aren’t as bleak as we might believe. There is a lot of work to do to convince people they should carry out their property plans, but with average house prices rising across the country, there is a positive starting point.
In January, house prices rose by 0.9%, to £362,438, according to the Rightmove House Price Index.
If you are contemplating selling your home in Bury St Edmunds, you need to call on the assistance of a skilled and local estate agent. We like to think our track record in selling local property means we know what buyers want, and what sellers need.
Even with all the turmoil of recent times, there is activity in the local housing market, and if you are looking for guidance and assistance, get in touch, and we will be more than happy to assist you.
Tim Bannister of Rightmove said; “Given that the pause for Christmas came unexpectedly early last year, it was important to see whether buyers and sellers would pick up their plans again at the beginning of this year, or wait to see what the first few months might bring. The numbers certainly suggest that activity has bounced back after Christmas.”
Tim also spoke of “familiar trends and a calmer, more measured market after the rapidly changing economic climate of the final few months of last year. However, we expect that the full effect of affordability constraints and last year’s mortgage rate rises will hold back some segments of the market in the first half of the year. But there might be some green shoots of growth that will go on to strengthen in the second half of 2023.”
When asked about the slight fall in demand from buyers compared to the start of 2022, but which is higher than the start of 2019 by 4%, the last full pre-pandemic year, Tim Bannister said; “The early-bird sellers who are already on the market and have priced correctly are likely to reap the benefits of the bounce in buyer activity, while over-valuing sellers may get caught out as property stock builds over the next few weeks and months, and they experience more competition from other better-priced sellers in their area. Listening to your estate agent’s advice about your hyper-local market and pricing right the first time can avoid a stale sale and the need for even greater reductions later.”
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.