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Demand for U.K. residential properties nearly halved year-on-year in the four weeks to Nov. 20 following the government’s chaotic budget. Prices are expected to plummet in 2023. The fiscal package, announced Sept. 23, caused a selloff in bonds and led to predictions of a potential housing market crash as interest rate expectations rose sharply. In the wake of the budget, a record number of mortgage deals were withdrawn, and many lenders paused offerings as they assessed the volatility. However, demand had fallen to levels usually seen over Christmas — among the quietest time for property markets — as buyers waited to assess the outlook for mortgages, along with their own jobs and wages.
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Should you buy property now or wait for 2023?