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12 January 2023
New Year, New Market…?
“Happy New Year!” is a phrase we have all been hearing at this time of year, but will this new year be happy for the housing market? We see lots of people ask this question in
January as people plan for their year ahead.
This isn’t always an easy question to answer, however what we can say with some certainty right now is that 2023 will not be the year that many feared it could be. After the extremely buoyant market we experienced from the spring of 2020 through to the autumn of 2022, many feared that rising interest rates, the squeeze on the cost of living and general economic uncertainty would lead to a property market crash. Thankfully, this is not what we are experiencing in the market today.
It is certainly true that mortgage rates have risen and this has directly affected buyer affordability. As a result, property sale prices are softening and realigning with what buyers can now afford. As sellers start to accept this change in the market and adjust their expatiations accordingly, we will see a balance return to the prevailing market conditions, a balance we have not seen since pre-covid times. This balance is no bad thing at all. It will give stability and confidence to the market for both sellers and buyers.
The biggest fear people had in the autumn was that demand from buyers would fade away. If the first couple of weeks of 2023 are anything to go by, we are not seeing buyer demand fade! It’s been a busy start to the year for us at Chapplins, something we would not always expect this early in to January. We are experiencing good levels of demand from buyers, an active start to the year and no sign of market activity dropping away. Buyers may be being a little more cautious with their spending levels, but this does not mean there is any lack of intent from people looking to make a move in this early part of 2023.
If you are considering selling, our advice is… don’t wait! The market is active and demand is good. The days of achieving above asking price sales may be behind us but a sensible and measured approach to pricing property will still see good results. Listening to the advice of an experienced, respected agent is as important now as it ever has been. At Chapplins, we have that experience and we have worked extremely hard to gain that respect from our clients.
If you would like to have a chat about the local property market, or book in a market appraisal for your property, please give us a call on 02392 482261 or e-mail us at havantsales@chapplins.co.uk.
Finally, we’d like to wish you all a happy and successful 2023!
“Happy New Year!” is a phrase we have all been hearing at this time of year, but will this new year be happy for the housing market? We see lots of people ask this question in
January as people plan for their year ahead.
This isn’t always an easy question to answer, however what we can say with some certainty right now is that 2023 will not be the year that many feared it could be. After the extremely buoyant market we experienced from the spring of 2020 through to the autumn of 2022, many feared that rising interest rates, the squeeze on the cost of living and general economic uncertainty would lead to a property market crash. Thankfully, this is not what we are experiencing in the market today.
It is certainly true that mortgage rates have risen and this has directly affected buyer affordability. As a result, property sale prices are softening and realigning with what buyers can now afford. As sellers start to accept this change in the market and adjust their expatiations accordingly, we will see a balance return to the prevailing market conditions, a balance we have not seen since pre-covid times. This balance is no bad thing at all. It will give stability and confidence to the market for both sellers and buyers.
The biggest fear people had in the autumn was that demand from buyers would fade away. If the first couple of weeks of 2023 are anything to go by, we are not seeing buyer demand fade! It’s been a busy start to the year for us at Chapplins, something we would not always expect this early in to January. We are experiencing good levels of demand from buyers, an active start to the year and no sign of market activity dropping away. Buyers may be being a little more cautious with their spending levels, but this does not mean there is any lack of intent from people looking to make a move in this early part of 2023.
If you are considering selling, our advice is… don’t wait! The market is active and demand is good. The days of achieving above asking price sales may be behind us but a sensible and measured approach to pricing property will still see good results. Listening to the advice of an experienced, respected agent is as important now as it ever has been. At Chapplins, we have that experience and we have worked extremely hard to gain that respect from our clients.
If you would like to have a chat about the local property market, or book in a market appraisal for your property, please give us a call on 02392 482261 or e-mail us at havantsales@chapplins.co.uk.
Finally, we’d like to wish you all a happy and successful 2023!
About the Author...
Stuart has worked in the property sector since 2004, developing his knowledge of residential sales, new homes, lettings and property management. Having sold everything from studio flats to million-...
Read about Stuart