It's easy to spot the bottom of the market ...... 3 months after it hit the bottom !! It's much more difficult to forecast it. HOWEVER what we do know is this:
- the market hit it's all time peak in November 2022
- the OBR have forecasted a 10% drop in prices from that peak
- we have already had a 5% drop since November
- the economic outlook is now better than previously thought and we will avoid a 'technical recession'
Clarkes are now predicting that the bottom of the market is approaching. Bank and mortgage interest rates are likely to top out in the summer. Buyer affordability and confidence is already readjusting and the market is more resilient now to another interest rate rise. Price corrections may continue for a few months but at a much reduced rate until we reach the bottom. All indicators at the moment would suggest asking prices will start to increase again from September 2023.
If you are thinking of buying or selling our Property Professionals will be delighted to help. Meet the Team and make contact here:
https://www.clarkesproperties.co.uk/meet-the-team/
