Last week Strutt & Parker announced their 2023 house price forecast, which revealed that national property prices will fall by up to 5%
This comes following 14 consecutive quarters of growth in the residential sector.
Matt Henderson, Residential Research comments, “The housing market can be compared to a cruise liner; in that it does not turn subtly yet it does so incredibly slowly. The past two months have been dogged by negative rhetoric in the housing market, however Q3 has been remarkably positive but much is still to play out. Recent sales volumes show strong market activity, although the bulk of these transactions were reliant on mortgages secured pre the ‘mini-budget’ and the subsequent mortgage rate hikes. This level of transactions is unlikely to be sustained in the short term. As such, we can expect negative pressure on house prices as the market responds to increased rates and living costs.”
To read Strutt & Parker's Autumn 2022 Residential Report, click here.
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