If you're looking to sell a home that represents good value, then you're in demand. Homes that offer more bang for their buck are just what buyers are looking for right now.
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Demand for homes is at the highest level since October 2022 as falling mortgage rates and a strong labour market support buyer interest.
With steadying mortgage rates and 65% more homes for sale than this time last year, buyers are back in the market and agreeing 11% more sales than in 2019.
The truth is, you can look at it either way. Here’s why there’s both good and bad news for homeowners in 2023.
Our latest House Price Index shows current housing market conditions are close to the pre-pandemic years, with demand 8% higher and sales agreed up 1%.
However, homes grew by £42,000 in pandemic, suggesting sellers are having to forgo around 33% of their pandemic gains in order to achieve a sale.
As the housing market shifts to a buyers' market, sellers are accepting offers on their asking prices, meaning there's more wiggle room to negotiate on price.
Homeowners who sold at the end of 2022 saw small price falls but it’s doing little to dent the equity most gained during the pandemic.
Our House Price Index reviews the latest market trends for homebuyers and sellers as well as the key themes in the housing market for 2023.
