A roundup of the market in 2022, and how 2023 is set to compare

It’s safe to say that since the Coronavirus pandemic hit back in 2020, the property market has been a real rollercoaster. At the beginning of 2022, house prices soared to record-levels as demand from buyers grew. This was fantastic news for those trying to sell, as their properties jumped in value almost overnight. Whilst this upward trend did begin to settle a little throughout the year, we were then hit with a rise in interest and mortgage rates that forced some buyers to put their plans on hold, thus levelling the market a little more. But, where does this leave the next few months and your selling or buying prospects in 2023?

Rightmove forecasts that average asking prices will drop again this year, which is great news for buyers hoping for a bit of relief. However, this change is still predicted to come gradually, meaning that those planning to sell are still in a very strong position for making good money on their existing property as well. As the market levels further in terms of supply and demand, the time taken to sell is also predicted to return to more normal levels too, meaning the right property can be more effectively matched with the right buyer.

Whilst we don’t anticipate any drastic changes, a return to a more normal market remains clear on the horizon, creating that perfect balance for buyers and sellers alike. If you’ve been thinking about moving, 2023 could be a great year to do so.