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With the longest day of the year behind us and the midway point of 2023 passed, we can evaluate how the first half of the year has treated the sales market. Predictions have come true. The red hot conditions and extraordinary price hikes of the pandemic have subsided.
Spring is one of the busiest times in property. When forming a snapshot of current conditions, we overlay our own data with that of the industry’s leading organisations. The last four weeks show the market is moving in the right direction.
The spring bounce has started to affect house prices. More buyers in the market have pushed Great Britain’s average house price up by +0.2% in April. The new average is £366,247.
March was a month of small but significant announcements. The Budget failed to deliver anything spectacular property wise but there were two points that may help home movers. The first is the continuation of the Energy Price Guarantee across Great Britain and the £2,500 threshold remains until July.
With 2023 well underway, a pattern is emerging for this year’s property market. While house price reductions may sound alarming, they’re minimal and against a backdrop of unusually high appreciation.
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