Seeing the positives in the 2023 housing market in Norfolk

With the steep rise in energy bills, inflation rates currently at a 40-year high[1], and the Bank of England raising interest rates to its highest level in 14-years to 3.5% [1], it’s no wonder that the UK housing market has seen a downward trend in the last quarter of 2022.

Recent research indicates that house prices across the UK will fall during 2023.  According to the latest (Royal Institute of Chartered Surveyors) RICS UK Residential Market Survey of November 2022, the sales market has weakened thanks to higher interest rates and the current economic situation. In their report, RICS states that “House prices have begun to pull-back… a trend that is expected to continue over the near-term at least.”

Although reporting a downturn trend in buyer demand, RICS reported that the November statistics show that the downturn was less than the previous month. However, demand still remains robust in the lettings market, which in turn is driving rents high.

In an article published by Reuters UK[2] on 30th December 2022, the housing market is not painted quite as bleak as other organisations have predicted.  Nationwide’s Chief Economist, Robert Gardner was quoted as saying that there “Would be a pick-up in [the housing market’s] activity in the New Year” and that the longer-term interest rates have “Returned towards the levels prevailing before the mini-Budget” and that if these rates were sustained would “Feed through to mortgage rates and help improve the affordability position for potential buyers.”

The good news for those in Norfolk looking to sell luxury houses in 2023 is that the market is likely to remain buoyant as more buyers are looking to move from London in the search for a better lifestyle.

If you are looking to sell your home in 2023, Melanie Prestige is here to help. Using a large network of potential buyers, both here in Norfolk and in London, we can find you the right buyer for your home.  For more information, or for a no-obligation chat with our sales team, contact us here.

[1] Source: BBC News – What is the UK inflation rate and why is the cost of living rising? 15 December 2022
[2] Source: Reuters.com – UK house prices end 2022 on a weaker note after pandemic boom, 30 December 2022