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9th January 2023
January 2023 Market Report
As another New Year begins many estate agents are polishing their crystal balls to make predictions for the UK property market. It's the national figures that usually hit the headlines, although anyone who is selling or buying a home really wants to know is what's happening on a local level.
As a local business with nearly twenty five years experience and three branches across the Brighton and Woodingdean area, we are able to give you an honest, reliable picture of what is really going on.
Last year...
With 2022 being the third year to feel the effects of the Covid pandemic and the previous lockdowns it was always going to be something of an unpredictable twelve months.
At the start of the year who would have thought we'd see three different Prime Ministers without an election and that at one stage an entire government budget would be ripped up and turned on its head?
Of course a good thing did come out of the short-lived Liz Truss administration - the cuts to Stamp Duty were about the only initiative to survive the change of Chancellor and will continue to benefit both buyers and sellers in the months ahead.
Midway throughout the year Rightmove had to revise their predictions regarding house prices, raising their initial projection to reflect the continuing strength of the market in 2022. The year ended with an annual growth in prices of 5.6%.
Perhaps the most important marker from the latest Rightmove data is that the number of views of homes for sale on their portal was up 11% compared to the same time in the previous year, indicating that there are many potential buyers looking to make a move in the months ahead.
Predictions and possibilities
Working in a vibrant city with a busy property market, we are used to seeing the signs of how thing might change this year.
One thing that has been made out to indicate potential hard times for our sector has been the rapid rise in interest rates and the knock-on effect that has had on mortgages. It's worth bearing in mind that the pandemic saw rates drop to historic lows and the current levels are now only much the same as they were in the early 2000s, as opposed to the record highs of previous decades.
Already this
year we’ve seen the rates of two fixed rate mortgages significantly reduced by
1%. Lenders are feeling less jittery about the state of the economy and confident
in the stability of the government. This renewed confidence in the market is
resulting in lower rates for borrowers which is great news if you’re thinking
of moving or coming to the end of your current deal.
Making sure you have the best advice and all the information you need is the key to secure an affordable mortgage. Our independent mortgage advisor Stuart Gulvin can help you negotiate the market and find the most suitable deal for you. Give him a call on 01273 777 795 or email [email protected], his help and advice is absolutely fee-free.
One of the biggest changes we're likely to see this year is the fracturing of a 'national picture' when it comes to how much homes will sell for and how long it will take to find a buyer.
Rightmove predicts "a more pronounced hyper-local market, where one side of a city, town or even street could fare better than another, depending on the types of property available and the desirability and affordability of the exact location."
Their advice is simple: "In this multi-speed market, working with a good, local estate agent who knows every corner of the area will be vital for both buyers and sellers."
Most of our staff are born and bred Brightonians whose love for the city is why they choose to work for Maslen. Our three offices are located in some of the most in-demand areas of Brighton and our local knowledge really is second to none. We have the longest-serving estate agent in Woodingdean on our team, two of our Lewes Road staff have both been with us for over 15 years now and our director David Maslen started the company 23 years ago. This combined wealth of experience and knowledge brings with it a superior level of stability, confidence and consistency for our clients.
Every one of
our three branches has been acknowledged at a national level as being one
of the best in the entire UK. Individually each one has won a 2023 Gold
Award from the Best Estate Agent Guide for their results, marketing and levels
of customer service something that is consistently echoed in the five star
Google reviews that we receive from our clients. As this New
Year begins we're back in our offices and raring to go - and we hope that we
can help you #MoveWithMaslen Contact
us today