Will UK House Prices Fall In 2023?
If you’re planning to sell your home in the next year, you may be seriously concerned about what might happen to UK house prices over the course of the year. The housing market in 2023 in the UK could be a scary place. Will house prices go down? If so, how far are house prices dropping? Will they increase once more? It’s tough to know exactly what might happen with the house prices forecast in the UK housing market, but there are several indicators of where house prices in the UK are going.
The housing Market in the UK Remains Stable
According to a number of different UK property market experts including Forbes and Rightmove, at the moment, asking prices are staying relatively flat. While the second half of 2022 was truly a roller coaster for the housing market in the UK and resulted in a house market crash, many experts said in UK house price forecast blogs that they were predicting that house prices drops continue to fall through the first half of 2023. However, the reality is that house price news in the UK reports the prices just haven’t gone anywhere during the first part of this year according to sold property prices data. What’s more, though, is that demand for those homes has stayed fairly steady despite the many different problems home buyers have faced over the course of the last year in the property market in the UK like mortgage rates and house prices increasing at the same time and higher living costs. Most experts in the business of coming up with a UK house price forecast are attributing the stability of UK house prices to the fact that there are still simply not enough homes on the market currently.
Many have now decided that house prices in 2023 aren’t likely to fall, but instead, they might remain incredibly stable throughout the year thanks to the fact that people are now beginning to transition to more normal market conditions as a whole. Are house prices going down right now? Not really, and it doesn’t look as if they will in the near future either. In fact, UK house price predictions for the next 5 years remain relatively stable.
What You Can Do If You Need to Sell Despite the House Price Forecast
If you need to sell your home, and you’re left wondering “Are house prices dropping where I am,” you can’t let the potential for falling prices stop that process. In fact, house price predictions are just that – predictions. No one truly knows where they’re going. Instead, there are a number of other things you can do to make sure you move your home on and off the market quickly no matter what current UK property prices look like.
One of the first things you can do is to address any small problems with your home. If your rooms seem too crowded with furniture and other items, it may help you to do some decluttering. Additionally, you’ll want to address any problem areas your home already has. Make sure that you make any small repairs that are necessary to attract buyers. Often taking little steps like dealing with a loose floor tile or simply adding a new coat of paint to a room can help make a space more attractive for buyers. Finally, don’t neglect the power of kerb appeal. Often buyers make up their minds the moment they pull up to a home, so make sure your front garden is well trimmed, you’ve cleaned the path, and the home looks tidy and well cared for the moment a buyer arrives.
Keep in mind that a traditional home sale isn’t the only way to sell your home. If you’re asking yourself “Are house prices going to drop,” and you’re worried there won’t be a buyer for your home, it’s important to note that there are many other options as well including selling your home at an auction or working with a cash buyer. Just because UK housing prices are currently falling doesn’t make now a bad time to sell your home. Instead, your best bet is to sell your home when you’re ready to do so.