Looking to 2023: Were the house price forecasters correct?
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 cos