Strutt & Parker has published their Winter 2022/23 Residential Report, which revealed that the economic outlook for the local and global economy has worsened as the ongoing geopolitical situation causes more disruption to global energy and food markets.
Several support packages have been put in place by the government. However, the Autumn Statement focused on higher taxes and decreased government spending, which will put further constraints on household budgets.
Matt Henderson, Residential Research comments, “UK prices ended the year at 4.8% growth, after six consecutive quarters of annual growth above 10%. This was just below our forecast (5%-10%). Our previous commentary forecast price changes of between-5% and 0% for 2023 and a five-yearly outlook of 10%-15%. Agents have been expecting prices to drop down from their recent peaks, and this has partly been seen in this quarter’s drop of over 5%. As such, our previous forecasts are retained.”
To read Strutt & Parker's Winter 2022/23 Residential Report, click here.
