Property market predictions and influences for 2023
Now that the property market is stabilising and weathering the stormy waters of last year, we peek at some predictions and influences, you can use, to gain more success as the 2023 property market gathers momentum.
Legislation
In 2022, legislation required, all new homes to produce 30% less carbon. With the cost of energy remaining a challenge, more energy efficient homes with efficient appliances, better insulation and building materials means new builds are raising the standards for all homeowners. As a result, home movers and developers are really dialling in to the importance of meeting these greater energy efficiency expectations!
Green mortgages
Some banks are now offering better interest rate deals for more energy efficient homes. Reducing the cost of your energy bills could lead to a cheaper mortgage. Combine this with adding value to your property and in some instances, cash back offers for greener homes from banks, going green is a no brainer.
Embrace technology
Making your property as compatible as possible with the tech age we live in is now becoming not just desirable but essential. USB sockets, automatic and efficient lighting, superfast broadband, modern appliances and homes which offer and efficient and effective space to work from home is a trend showing no signs of waning.
Don’t wait and see!
With all the tumultuousness of last year it’s easy to sit on the fence. With interest rates stabilizing, the long-term view and the short to medium view, looks good. While it’s tempting to delay and procrastinate, this influences the housing market in a way that slows it down. So, keep the market moving by moving!
Slow but steady
It’s no secret that the property market has slowed down, but with slowness comes stability. Many analysts suggest that the property market is now where is should be. Interest rates had been super low and perhaps prices increased too quickly. With less volatility, planning is easier. It may take a little longer to make your move, but it will most certainly happen.
Building blocks
With the shortage of building materials and labour, property development generally is also at a slower pace. Whether a new build or refurbishment, it will take a little longer. If this slows down supply as prices fall a little, it’s not a bad thing. And with so many decisions to be made when undertaking a property development project, whether it’s a few rooms or an entire housing estate – Is it really such a bad thing to take a bit more time over such impactful choices? Not to mention this all helps stabilise the market.
The good news
The outlook is very positive in so many ways for 2023. Demand for rental properties will remain extremely high. Buyers and sellers are still keen and mortgage deals for first-time buyers are still good with many lenders offering 5% deposit deals until the end of this year. With things happening at not quite a frantic pace as the quality of building, buying, selling and living improves then maybe things are on the up!
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*Propertyreporter
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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