The last couple of years has brought immense upheaval to the property and housing market, with Covid-19, the stamp duty break, and the rising cost of living all leaving the market both unpredictable and incredibly volatile for those looking to buy and sell.
In this blog, we’re answering a question we received recently from a client: what exactly will it take to sell my home in East London in 2023 – and how is the housing market going to change as we move further in 2023 towards the peak summer season for sales?
Will the property market stabilise in 2023?
Like anything, the health of the property market in the UK depends largely on location and the type of property that you are looking to sell. While during Covid-19, demand soared for properties with gardens and extra bedrooms which could double as home offices and working spaces, with cities emptying and countryside locations fast filling up, the last year has seen people moving back into the cities as the great move to the country sparked city prices to drop.
What this demonstrates is that housing prices in the UK, like anything, are hugely affected by demand. When an influx of people moved to the country, prices across the countryside rose while those in the city fell – and the reverse is true now that the lower city prices are starting to entice people back in.
We expect 2023 to see a much more stable market than that which we witnessed between 2020 and 2022, although the rising cost of living is impacting people’s affordability and the ability to move house. In addition to a potential stabilising of the market, it is being widely predicted that property prices will fall in 2023 although not by much – and with levels only expected to drop in line with where they stood before the 2021 rise in prices.
So, what can you do to increase the likelihood of selling your home in 2023?
How can sellers increase the value of their property?
The single most important thing that homeowners can and should focus on in 2023 is the rising cost of living – ensuring that the property they want to sell is as energy efficient as possible to keep costs down for the buyer. Everything from a serviced boiler to energy-efficient insulating, doors, and windows can contribute towards a home’s overall value in 2023.
Other things to do to increase the success rate of your listing include assessing the best time to list your property in line with trends and demand in your area, researching comparable recent sales to ensure that you list at the right price, and taking the time to add value in terms of property upgrades that elevate your home to the next level. Buyers in 2023 are looking for stability and a home which will not present unexpected costs – as well as one which has that extra bedroom and well-kept garden space they’ve been dreaming about.
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