Will house prices drop in 2023?
The question on everyone’s lips; are we going to see a price drop in the housing market this year? Rightmove forecasts a 2 per cent drop in 2023, while Zoopla and the Halifax go for 5 per cent. Lloyds Bank is more pessimistic, saying 8 per cent.
No predictions near the 16 percent drop we saw in 2008, so as we mentioned last year this looks to be more of a ‘price correction’ than a ‘crash’.
The end of last year saw house prices fall by -1.4% in November which was the largest monthly fall since June 2020 (Source Nationwide)
The Autumn statement didn’t touch much on the property market only that the mini budget’s temporary Stamp Duty cuts will now finish earlier, now set to end in April 2025.
In Auctions last month, the number of lots offered in December was 3,271, December 2021 had 2,775 lots offered however an auction house holding an auction with over double the amount of lots this year plays a major factor in this rise offering an extra 357 lots compared to last year.
Rightmove have reported an £8,000 drop in asking price, so it will be interesting to see a review of the December auctions this month in our January newsletter.
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