Medium term outlook for UK housing market

 

Here at Quealy & Co, we take a look at the latest housing market figures and forecasts to help you make an informed decision about selling or letting your home in the Sittingbourne area.

Rental price growth is set to outpace sales price growth over the next two years. Driven by a shortage of stock and increased demand, rental growth averaging 3% per year is anticipated for the next 5 years.

The average of the forecasts we have collated suggest UK house prices will fall by a total of -7% over the course of 2023 and 2024. At worst a fall of 10%, which is being forecast by some, will only take prices back to the summer of 2021.

A decline in the number of homes sold in 2023 is likely, taking the annual total closer to 1 million, from 1.3 million expected this year.

On a positive note, there is already evidence of improving affordability and choice in the mortgage markets and if this continues it should help to boost levels of buyer demand.

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Quealy & Co are here to help

Quealy & Co are your trusted estate agent in Sittingbourne. Get in touch with a free, no obligation appointment to discuss your requirements. We are happy to provide advice on the current property and financial market, tailored to your specific circumstances.

Call us 01795 429836, email hello@quealy.co.uk or pop into our Sittingbourne office for a chat.  

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Source: Dataloft, OBR, HM Treasury (Independent average), JLL, Savills, Knight Frank, CBRE, Rightmove, Zoopla, UK Finance