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ASKING PRICES ‘LIKELY TO COME UNDER MORE PRESSURE’ DURING TRADITIONALLY BUSY
SPRING MARKET
March 8, 2023March 8, 2023 | Marc da Silva
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Tom Bill
Activity levels in the UK housing market have slowed in recent months as a
result of higher mortgage rates and a sharp increase in the cost-of-living, but
estate agents will be hoping for a change in fortune as it heads into the
crucial spring property selling season.
Estate agents face a daunting hit to revenues if property sales remain slow,
setting up what some see as a make-or-break spring as agents compete for
business and look sell sell more properties.
“Asking prices are likely to come under more pressure as we enter the
traditionally busier spring market due to tighter affordability,” said Tom Bill,
head of UK residential research at Knight Frank. “We expect around half of the
20% increase seen during the pandemic to unwind but most evidence that is not
backwards-looking points to a stronger market than expected.”
But Bill believes that the UK housing market is showing positive signs of
approaching the “end of a long hangover from the mini-Budget rather than on the
verge of a price plunge”.
Residential property prices jumped unexpectedly last month, potentially
reflecting improvements in consumer confidence and the mortgage market, lender
Halifax said yesterday, but the overall trend remained downwards.
House prices rose 1.1% month-on-month, following a 0.2% rise in January, data
from Halifax revealed.
Jason Tebb
Despite the uptick in house prices, Halifax struck a cautious tone about the
outlook for the market.
“Recent reductions in mortgage rates, improving consumer confidence, and a
continuing resilience in the labour market are arguably helping to stabilise
prices following the falls seen in November and December,” said Kim Kinnaird,
director of mortgages at Halifax.
“Still, with the cost of a home down on a quarterly basis, the underlying
activity continues to indicate a general downward trend,” Kinnaird added.
House prices were 2.1% higher than a year ago, Halifax said, and that provides
some much-needed “calm” for the housing market following “the volatility and
uncertainty caused by the mini-Budget”, according to Jason Tebb, CEO of
OnTheMarket.
“The market continues to rebalance but in a measured way,” he said.
Nathan Emerson
Reflecting on the Halifax House Price Index for February, Sebastian Verity,
Chestertons’ head of research, said: “As we are approaching Spring,
traditionally known as the busiest period in terms of property transactions, we
are also expecting additional sellers to enter the market. This increase in
properties being put up for sale will inevitably lead to a more balanced market
environment.”
Nathan Emerson, chief executive of Propertymark, added: “Year-on-year, estate
agents across the UK have seen a small drop in the number of sales being agreed
whilst the number of new properties coming to market has remained the same.
“Increases to interest rates have caused buyers to rethink their budget and
haggle on price, but the drive evidently still remains to see their purchase
through and move home.”
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ONE COMMENT
1. NewsCommentator
March 8, 2023 at 10:07 #1
Whilst houising prices are likely to come under more pressure, our stats
show that there are currently 1.36 million households in the home moving
journey.
308,699 households actively want to move
231,938 households are moving soon
276,056 households are moving now
273,955 households have just moved
270,216 households are settling in
The housing market, whilst down from its peak in 2021, is now in line with
2019 – the last normal period before the impact of the pandemic. Sales in
2022 reached 1.2 million residential transactions, and a similar number is
predicted for 2023.
The good news for the economy is that homemovers are proven to spend across
a vast range of categories. Aside from the obvious, such as DIY, home
improvements, furniture, garden products and technology. They reassess
everything from their gym memberships through to their cars sitting out on
their new drives. They consider their finances, change their utility
providers and given that a home move is considered more stressful than
divorce, starting a new job or starting a family; they also look at their
next holiday.
Colin Bradshaw, MD, TwentyCi
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