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Sun 1 January 2023
Apparently, the average price for a UK home has nearly trebled since the turn of the century. An amazing statistic. According to the Nationwide Building Society, prices have increased by more than 60% over the last 10 years. Nationwide state that prices are falling for the first time in a year. On reflection not at all surprising. As price predictions for 2023 are concerned, they all vary but overall predictions appear to average a likely fall of close to 10% for next year. After a 60% increase over the past 10 years present day political upheaval and increasing interest rates an adjustment of prices would appear to be inevitable.
According to Rightmove a quarter of homes for sale, at present are now seeing price reductions. The New Year will determine exactly what is happening to the market after the first few weeks. In my opinion, the market will return to more "normal times”, no rapid price increases, a reasonable level of sales, if owners are realistic in their asking prices.
Adjustment in prices can be good news for First Time Buyers, certainly not a crisis for those who are already on the property ladder. So, if you are going to sell next year obtain Experience, Professional advice.
On the Lettings front, there is a steady demand although limited supply. Correctly priced properties normally find suitable tenants within a period of 10/14 days of being marketed.
Our combined Experience of the Crowborough and District Residential Property Market is second to none so if we can assist you in regard to your property, please do not hesitate to contact us.
Wishing everyone a Happy New Year.
