Housing Market Returning To Normal

4th May 2023
Home > News > Housing Market Returning To Normal

Time To List?

As the echoes from the turbulence of the chaos caused by the mini budget of last September are starting to fade, we are noticing that the market is now finding its balance.

The mini budget of 23 September 2022 that heralded £45bn of unfunded tax cuts threw the markets into turmoil, saw the value of the pound plummet and the cost of borrowing and mortgage interest rates soared.

A correction in the UK Housing market was expected but the widespread commotion was avoidable according to many housing commentators.

Karen Cronin, Managing Director, at Bywater Herring says “ A slowdown was inevitable as property prices were rising so quickly last year and this was accelerated by the mini Budget upset.

The standstill of the winter months has now given way to increased activity and longer term prospects are improving.

People still have reasons to move and now buyers are gaining confidence from strong employment and more competitive mortgage rates even though cost of living is still a concern.”

With rental costs higher than the cost of a mortgage, first time buyers who have been saving their deposit and property investors who are being attracted back into the market are still pressing ahead with their plans.

First time buyers may be making compromises to get on the property ladder and often are getting help from family gifted deposits so they are still out there and buying houses.

Property investors are taking the opportunity to snap up properties and expand their portfolios particularly while there is still such huge demand in this market.

2023 is looking reassuringly calm and steady after the turbulence of recent years.y the mini budget of last September are starting to fade


Share this article
  • icon
  • icon

Related News Articles

House Sales Off To Strongest Start in 3 Years - Zoopla

The property market is buzzing again, and there’s good news for both buyers and sellers. According to the latest insights from Zoopla, house price inflation has rebounded to +2% this year, a notable shift compared to last year’s dip of -0.9%. So, what’s driving this change, and what does it mean for those looking to buy or sell in 2025? Let’s break it do...

30/01/2025
Renters Rights Bill

Although the Renter's Rights Bill isn't law as yet, it is moving towards coming into force and landlords are telling us of their concerns, and, as property professionals, we are able to help. Don't take our word for it, just look at our reviews.As Members of the Association of Residential Letting Agents, we follow a Code of Practice and as experienced agents, we are keen to sho...

04/01/2025
How to Stand Out in a Crowded Market: Tips for Home Sellers

How to Stand Out in a Crowded Market: Tips for Home SellersThe housing market has become more competitive than ever. With more homes available for sale and interest rates still at unexpectedly high levels, buyers are being more cautious with their decisions. As a home seller, you need to work harder to ensure your property stands out from the competition. But don’t worry&...

20/01/2025
Halifax Release House Price Predictions

As we all start to get back into a routine and the New Year Resolutions still fresh with Veganuary, Dry January and a commitment to eat better and exercise more as well as be kinder, happier, more positive, the news is full of house price predictions (as well as Meghan and Harry!). Halifax have released their latest House Price Index showing that annual growth has slowed t...

07/01/2023