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The UK budget announcement took place on the 15th of March 2023, setting out how the UK plans to stimulate the economy through new taxation and spending decisions. Some of the key takeaways and data released from this year’s budget announcement were:
The budget had very little to say about the property market with no major shakeups or schemes on the cards. There were no changes to stamp duty or anything else related to the market.
We believe this to be a positive outcome because it enables the property market to find its own level, rather than being artificially fuelled. The market has somewhat been influenced by different factors of late, not least the pandemic. So, we should now finally see where the market is really at.
Some of the predictions will have some influence on the market, especially that inflation could drop to 2.9% by the end of the year which would also see interest rates stabilise and possibly decrease.
Data released by Rightmove indicates that house prices increased by 1.3% last month, which contradicts what we may expect regarding the current situation. As interest rates have increased exponentially, we expected house prices to decrease as competition for property lessened.
However, if you look into the specifics of the data, you’ll notice that the increase of 1.3% has been largely influenced by the upper end of the market, so it may not be a reliable data sto track average house price changes.
We believe now is a good time to buy, and we’re not just saying this because we’re estate agents. The Office for Budget and Responsibility (OBR) predicts a 10% house price decrease from the peak of prices to the current trough. Based on research carried out within our estate agency, we believe these estimations to be accurate and the current situation is the extent of the trough.
We now expect prices to level out and start rising again fairly soon as interest rates come down. Interest rates tend to go up like a rocket and come down like a feather, so we will need to get used to the “new normal” rates in the meantime.
In summary, research and history indicate that property prices will bounce back steadily after the current trough, making now a good time to move up the property ladder or buy your first home.
A property valuation is a projected value of a property in the current market.
What will property prices do in the UK in 2023?
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