Will homes hold their value, is now a good time to sell and is 2023 a good year to be a first-time buyer? Watch this month's House Price Index report with Zoopla's Director of Research, Richard Donnell.
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The rapid rise in house prices over the last three years means first-time buyers now need to earn more to buy a home. Let’s look at the options.
If you're looking to sell a home that represents good value, then you're in demand. Homes that offer more bang for their buck are just what buyers are looking for right now.
Demand for homes is at the highest level since October 2022 as falling mortgage rates and a strong labour market support buyer interest.
With steadying mortgage rates and 65% more homes for sale than this time last year, buyers are back in the market and agreeing 11% more sales than in 2019.
The truth is, you can look at it either way. Here’s why there’s both good and bad news for homeowners in 2023.
Our latest House Price Index shows current housing market conditions are close to the pre-pandemic years, with demand 8% higher and sales agreed up 1%.
However, homes grew by £42,000 in pandemic, suggesting sellers are having to forgo around 33% of their pandemic gains in order to achieve a sale.
As the housing market shifts to a buyers' market, sellers are accepting offers on their asking prices, meaning there's more wiggle room to negotiate on price.
