Home buyers await a more calm 2023 for the property market
This month, the average pricing of newly listed homes in the UK decreases by 2.1% (-£7,862) to £359,137. As owners who are driven to find a buyer swiftly alter their expectations and acclimate to a less frantic property market, this is a larger drop in initial asking prices than is typical at this time of year. Accordingly, average asking prices will be 5.6% higher at the end of 2022 than they were at this time last year, which is just slightly less rise than the 6.3% growth seen in 2021.
In Wales property market, the average house sale is £248,332 with a monthly change of 6.6% with an average of 50 days to sell.
“December’s price decline is the biggest we’ve seen in four years, even though we normally anticipate price drops at the end of the year, as motivated sellers attempt to attract a buyer before Christmas with a competitive price. It makes sense in the short run given the economic unrest, unexpectedly sudden rises in mortgage rates, and decrease in the number of mortgage options available in late September and early October, just before things started to calm down. Considering this, we close the calendar year with average selling price inflation of 5.6%, only slightly below the 6.3% from the previous year.”
Tim Bannister Rightmove’s Director of Property Science
Due to economic challenges, such as quickly rising mortgage rates, some prospective purchasers may have postponed their plans for the foreseeable future. The number of enquiries to estate agents has increased by 4% over the last two weeks compared to the same time last year, and there are also indications that some discretionary buyers who are still able to move are utilising the time before the New Year to consider their options. Rightmove is seeing an increase of 11% in views of houses listed for sale.
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