The UK housing market is currently experiencing a buyer's market, which means that sellers need to be patient as they wait for their properties to sell. However, there is good news on the horizon as mortgage professionals have reported more confidence in the property market than people may think, despite house prices slowing in the beginning of 2023.
At present the current market is advantageous for buyers as average fixed-rate mortgages have hit a six-month low and house prices are declining. The average UK house price has fallen for the third consecutive month, both on a seasonally adjusted and non-seasonally adjusted basis.
These changes in the market have been attributed to a variety of factors, including the ongoing impact of the COVID-19 pandemic, economic uncertainty, and a shift in buyer preferences towards more spacious properties outside of major cities.
HOWEVER, experts believe that these changes are temporary, and that the property market will stabilize as the economy recovers and buyer confidence increases. For now, buyers have the upper hand, and those looking to purchase a property should take advantage of the current conditions as they may not last very long.
Sellers, on the other hand, may need to adjust their expectations and be prepared to wait longer for their properties to sell. There is light on the horizon in the form of early signs that the UK housing market will return to a more balanced state. It is key to speak to honest property professionals to best navigate the market in Spring/Summer 2023.
