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Understanding the housing market in 2023

12th January 2023

What's happening with house prices?

This week’s Sunday Times (8th Jan 2023) highlighted some interesting facts about the current property market, and specifically how the art of negotiating will become increasingly important as the property market starts to correct.

The Boxing Day 'boom', as it has been called, reported a 46% increase in properties being listed on December 26 this year compared to last year (source: Rightmove). Some of these properties will of course be homes that have been on the market previously, and are being 'relaunched'.

So, what does this mean for the market? According to Halifax, the average UK house price fell for the fourth month in a row, but is this just a correction to the market following an increase in house prices due to the supply / demand imbalance which we have just experienced? Quite possibly. Interest rates, the number of mortgage deals available, and rising inflation will all play a part on demand as well.

As demand falls slightly, it is likely that prices will start to “correct”.

This is where The Sunday Times’ “fortune will favour the confident” comes in. In a changing market, buyers need a good understanding of the local market to ensure they secure the property of their dreams at a reasonable price: It is imperative that any offer that is presented is fully researched and informed to be successful.

The article also touched on why some people feel so uncomfortable when it comes to negotiating money. As Property Search Agents, negotiating has always been an important role in what we do, but we understand it’s not everyone’s cup of tea! Many of our clients are relieved that not only will we find their perfect property, but we will then negotiate on their behalf - working to get the best price for our client - the buyer.

Do get in touch if you are looking to make the move to Surrey. We would be delighted to help you find and secure your perfect home!