COUNTRY & EQUESTRIAN PROPERTY MARKET UPDATE
What’s happening in the housing market and what’s likely to happen in the coming year?
Taking into account forecasts from various industry *experts and relating their comments to the niche country and equestrian property market in which Equus operate Managing Director Alisdair Brown reflects on the articles that best represent how he expects the Property market will perform in 2023.
“A return to a more stable political and financial environment following the tumultuous ‘mini-budget’ has led to a more positive outlook among potential buyers and sellers, despite the expectation of further economic uncertainty.
While there are very clear headwinds … there is a strong seam of demand in the market, but it will be clearly split between those who need to move quickly and more discretionary buyers equally committed to moving but happy to bide their time over the next 12-24 months, to ensure that they get the right home at the right price”.
“Recent signals from the Bank of England and the Office for Budget Responsibility point to the fact that base rates may not rise as high as anticipated several months ago. The outlook now is for base rates to peak at 4.0 or 4.5 per cent. Mortgage rates are already falling back, with some fixed-rate deals under 5.0 per cent hitting the market, and this is a trend that may continue as lenders secure cheaper funding and then compete for business.”
“With almost one in three movers ‘needs-based’, such buyers will present sales opportunities, However, realistic pricing for market conditions will be paramount to achieving a sale as the market re-calibrates in 2023”.
"Homeowners who are coming to market in the upcoming spring season should use Equus' expertise and get the price right the first time, which can really help to find the right buyer more quickly.”
* Based on 15 different property experts / heads of business such as an Economist/ a Director of UK residential research/ A head of UK economics at a large world bank/ a Chairman of a leading prime property brand - OVERALL FORECAST FOR 2023 - prime regional markets down 4 - 6 per cent, mainstream market down 6 - 8 per cent.
Please ensure that you speak to your existing lender and or a qualified Mortgage Advisor before making any decisions on a new mortgage. Remember your property may be repossessed if you do not keep up payments.