UK Property Update for 2023
The UK property market is an ever changing landscape and looking ahead to 2023 there’s a number of factors that will affect the market.
The UK property market is an ever changing landscape and looking ahead to 2023 there’s a number of factors that will affect the market.
Demand for housing is likely to rise in the UK as the population continues to expand and the economy bounces back from the turbulence of 2022. This means that the outlook for 2023 is promising, all against a backdrop of rising interest rates, increased costs of living and a pessimistic viewing from broadcasters on a national level.
In terms of prices, experts predict that the market will remain largely stable in the next few years and that house prices may rise by around 5-10%. However, this will vary significantly depending on the region, with some markets being more expensive and better performing than others. Certainly the Home Counties will be expected to out perform the rest of the UK, with strong demand from across the globe and limited expansion in terms of property development, underpinning values and transactional volumes.
The pandemic has also had a major impact on the property market and this could continue in 2023. Working from home is becoming more common, meaning that people may be less reliant on their local area and more likely to move farther away in order to get better value for money. However the migration from city centres to more suburban and rural areas is still affected by the desire to have good communication links and social infrastructure.
Additionally, in recent years travel restrictions have affected the number of overseas buyers, but as we return to a post-Covid normality we will expect to see the return of foreign investors taking advantage of the weak pound and any uncertainty in the markets.
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