Guy’s thoughts on 2022
I am not sure where to start with this really – it’s been quite a year. We have seen some unprecedented activity in the housing market, and in truth, most aspects of the industry were on the verge of breaking point. This included everyone, from agents to surveyors and to the solicitors acting.
It seemed that all properties we had on the market had on average three to six buyers, and all offers went to a best and final blind bid to find the best buyer. With demand like this, it’s no wonder house prices rocketed.
Housing market decline
We are now being told that the housing market is on its way down – and even about to crash. I am not convinced about this at all. I do agree that pricing has calmed down and we are no longer receiving the crazy offers over the guide price that we were, but is this now just down to a more realistic level of both price and number of buyers?
I personally feel that yes, the base rate is on its way up – which in all fairness, it needed to at some point. I feel it’s a positive that the base rate has gone up in a short space of time, as its far better to take a plaster off quickly rather than drag it out over several years with the media eking out the negative side.
There are plenty of mortgage deals on the market for buyers with all sorts of deposits, so the means to buy a property is there. The fact the buyers in some cases have a little more time to really think about and compare which property they want to buy is no bad thing.
What to expect for the housing market in 2023
The next year I feel will be OK and the market will still move. I can’t see the pricing going crazy again, but I can see things selling for more realistic levels. I can’t see the much talked about big dip in prices as the demand, means and want are still there.
People will always need more or less space, need to be in a different location or have more flexibility on where they can live, so at the end of the day, the housing market will continue to move.
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