The mass uncertainty of much of what has gone on has made the job of predicting the future of the housing market especially challenging. Back in January 2022, the Residential Market Survey, based on a poll of estate agents, was optimistically reporting increasing buyer demand and a shortage of stock. Agents expected both prices and sales numbers to increase over spring – and they were right. The housing market demand to started melting away during the boiling hot summer. Since then, the combination of political whirlpool, the mini budget, rising interest rates, and the cost-of-living crisis has put the market into reverse, down by more than two per cent between October and November, according to the latest Halifax House Price Index. This is the biggest monthly fall since 2008.
What is the market looking like for 2023?