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House prices surge at fastest pace this year to record £373k despite Bank of England rate hikes

Britain avoiding a much-forecasted recession has helped push house prices up by the greatest amount so far this year to a record high of £372,894, new figures out today reveal.

The average price of a home coming to market climbed 1.8 per cent over the last month, the strongest increase in 2023, according to property search site Rightmove.

Over the last year asking prices have jumped 1.5 per cent.

Britain’s housing market has defied a glut of gloomy predictions tabled at the turn of the year sparked by the country’s economic prospect at the time looking pretty bleak.

Households were forecast to suffer the worst squeeze on their living standards on record, the Bank of England expected the UK to be gripped by the longest recession in a century and unemployment was on course to rise.

However, a combination of international gas prices sliding and the government capping energy bills at £2,500 has put the UK on track to dodge a recession, convincing buyers to snap up a new home and sellers to cash in on their property.

Booming confidence in the housing market is down to the “gloomy start-of-the-year predictions for the market… looking increasingly unlikely,” Tim Bannister, director of property science at Rightmove, said.

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UK house prices are holding up well despite sustained pressure from higher rates

Source: Rightmove

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“Steadying mortgage rates and a generally more positive outlook for the economy are also contributing to more seller confidence, though there are likely to be more twists and turns to come,” he added.

A paucity of homes coming to market has kept prices elevated, although supply could expand in response to increasing home fees.

Sellers on average had to chalk 3.1 per cent off of their initial asking price in order to source buyers in April, Rightmove said.

Last month’s rise illustrates that demand is still holding up well in the face of the Bank of England’s twelve successive interest rate hikes, taking them to a near 15 year high of 4.5 per cent.

Mortgage rates have surged over the last year due to lenders passing on Bank Governor Andrew Bailey and co’s moves, though they are below the sky high levels they reached after Liz Truss’s mini-budget jolted UK debt markets. The Bank is expected to raise borrowing costs at least one more time this year.

London house prices climbed faster than the national average on an annual basis, up 2.8 per cent to nearly £700,000. The only area in the UK which recorded a drop in asking fees was the north east.

Hackney house prices in east London rose the fastest in the capital, up 5.3 per cent over the last year to £724,000. Southwark came second, with prices up 4.3 per cent to £673,000.

By Jack Barnett

Source: City A.M.

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House prices rise for the first time but analysts still expect a rough ride

The housing market showed “tentative” signs of recovery in April as the price of homes rose 0.5 per cent during the month, however prices remain four per cent below their August 2022 peak.

The Nationwide house price index showed that the annual rate of house price growth improved to -2.7 per cent from -3.1 per cent in March, as buyers remain cautious about their financial position due to rising inflation.

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The average price of a home in April is now £260k up slightly from £257k as the market continues to stabilise following the fall out from September mini budget.

As inflation remains above 10 per cent, Robert Gardner, Nationwide’s chief economist, said that analysts’ expectations that it could fall in the second half of the year would likely further bolster sentiment, especially if the labour market conditions “remain strong”.

He explained: “This, in turn, would also be likely to support a modest recovery in housing market activity.

“But any upturn is likely to remain fairly pedestrian, as it will take time for household finances to recover, since average earnings have been failing to keep pace with inflation, and by a wide margin over the last few years.”

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House prices stabilise as Easter buyers emerge

Matt Thompson, head of sales at Chestertons, said: “Savvy house hunters used the Easter holidays to continue their search online and enquire about properties to arrange a viewing as soon as possible.

“April has therefore been a busy month; particularly as buyers are a lot more aware of today’s competitive market conditions. As a result, most buyers have also been preparing their paperwork as much as they could in order to make an offer and secure a property before the summer.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: ‘Average property prices fell again in April but not as far as in March as the spring market gets into gear and buyers and sellers start to see an end in sight with regard to high inflation and interest rates.

“Swap rates, which underpin the pricing of fixed-rate mortgages, have risen again on the back of short-term volatility. However, lenders continue to reduce their fixed rates, albeit at a slower pace than before, with bigger reductions seen on higher loan-to-value mortgages as they try to attract first-time buyers.”

By LAURA MCGUIRE

Source: City A.M.

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Where will house prices go in 2023?

House prices experienced rapid growth throughout the pandemic thanks to a combination of stamp duty cuts, low-interest rates and the “race for space.”

But as interest rates started to climb in the second half of 2022, the mood changed.

Rising interest rates and the cost of living crisis are now having a clear impact on the housing market according to the most recent data.

According to Nationwide, in February house prices dropped at their fastest rate since 2012, Meanwhile, HMRC data shows UK property transactions are down by nearly 20% and a survey by the Royal Institution of Chartered Surveyors seems to confirm the market’s bearish sentiment.

And while Rightmove’s house price index is slightly more upbeat, reporting a £3,000 increase in asking prices in March, it’s important to remember asking prices and the price paid by buyers are two very different things.

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Where will house prices go in 2023?

The Office for Budget Responsibility (OBR) published a fresh forecast for the property market alongside the Spring Budget – saying it estimated prices would fall further than previously expected.

The OBR now expects house prices to fall 10% by 2024.

Both Lloyds and Halifax expect house prices to fall 8% in 2023, while Nationwide and online estate agent Zoopla are predicting falls of 5%.

However, Tom Bill, head of UK residential research at Knight Frank, argues: “The first rule for anyone predicting the trajectory of house prices in 2023 should be to ignore any data from the chaotic final quarter of 2022.

“The latest data shows two things are happening at the same time. First, the effect of the mini-Budget is working its way through the system, which means that monthly declines are narrowing. At the same time, an annual fall in house prices appears imminent, underlining how the lending landscape has changed irrespective of the mini-Budget.

“As rates normalise, buyers will increasingly recalculate their financial position and house prices will come under pressure. We expect a 10% decline over the next two years, taking them back to where they were in mid-2021.”

Financial market conditions appear to have settled, and the UK is expected to avoid a recession in 2023 despite previous, more ominous forecasts.

But the headwinds facing the property market are unlikely to abate in the short term, especially following the latest interest rate hike by the Bank of England (BoE).

The BoE raised rates to 4.25% on 23 March, their highest level since 2008. This was “disappointing news to borrowers who are not locked into a fixed rate mortgage, as their monthly repayments may rise in the coming months amid a cost of living crisis”, says Rachel Springall, finance expert at Moneyfactscompare.

“Affordability may well be the key challenge for borrowers struggling with the cost of living crisis, as interest rates are higher than prospective buyers, or those looking to remortgage, were perhaps anticipating,” continues Springall. “Whether now is the right time to get a mortgage will entirely depend on someone’s individual circumstances, so seeking advice is vital.

“In the meantime, it would be wise for borrowers to keep a close eye on the mortgage market, housing supply and house prices, particularly for new buyers who are a critical part of keeping the market moving.”

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Why are house prices falling?

A combination of factors is hanging over the UK housing market.

Record high rents are making it hard for first-time buyers to save for a deposit, especially as they struggle with inflationary pressures and rising bills.

But more importantly, mortgage rates have increased exponentially over the last 12 months. They peaked at around 6.65% after Kwasi Kwarteng’s mini-budget pushed up the cost of borrowing.

They have since come down to below 6%, falling over the last two months. The average two-year fix now stands at 5.6%, while the average five-year deal is 5.4% according to Moneyfacts.

But when you consider the average two-year rate was around 2% at the end of 2021, rates are still much higher than they were.

Higher mortgage rates have driven buyers away from the market, while others have been priced out.

And mortgage rates may have further to go. The bank has made it clear it might have to hike rates further to bring inflation under control.

Even though the OBR expects inflation to fall to 2.9% by the end of the year, the latest data from the Office for National Statistics (ONS) showed the figures moving in the wrong direction. The ONS recorded CPI inflation of 10.4% in February, from 10.1% in January.

“If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required,” the BoE said.

This suggests the central bank may hike rates further in the months ahead as it tries to get inflation under control, putting further upward pressure on mortgage rates and, as a result, downward pressure on house prices.

By Nicole García Mérida

Source: Money Week

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There is still appetite for lending in the housing market, says top property lawyer

Without a doubt, 2022 was a turbulent year for the UK housing market. House prices may have hit record levels, but the Bank of England created havoc. By December, the base rate had been increased nine times over the previous 12 months, depressing market activity and putting the brakes on property prices.

According to optimists, there will not be a price crash but a soft landing thanks to a 25% fall in mortgage rates over the course of this year. They argue that forbearance measures from big lenders will help struggling borrowers as they switch to interest-only or competitive fixed-rate deals without the need for affordability tests. Since nearly two million people will need to re-mortgage as their fixed-rate deals expire in 2023, this will cushion the blow and reduce the volume of distressed/repossession sales.

Inflationary pressures and a fiscal squeeze have made mortgages unaffordable for many people relative to their incomes. Average UK house prices are now eight-times average earnings, according to Schroders. In London, the ratio rises to 11 times. Nevertheless, the economic mood is gradually moving away from ubiquitous gloom. For example, as the leading indicator of where corporate earnings are headed, UK equity markets have been back on an upward trajectory since November 2022.

A notable shift in sentiment can also be seen in reduced rates for two-year and five-year fixed mortgages: after spiking at 6.5% last October, they have now fallen back towards the 4.5% mark. For potential buyers, interest rates matter because they affect both affordability and lenders’ willingness to lend.

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Several commercial retail lenders such as Santander, Barclays, Nationwide, and Halifax have recently announced mortgage rate reductions to an average of around 4.5%.

When big commercial lenders cut rates, the market becomes more attractive and more affordable for domestic buyers, particularly first-time buyers – and not just to overseas or domestic cash buyers as happened when rates recently spiked. Notwithstanding the media hype about banks planning to reduce their mortgage lending, they still have plenty of appetite to lend.

The market has now fully digested everything that happened during the past year, including the “new normal” level of interest rates. These increases are now priced into people’s thinking, enabling industry professionals to advise with renewed confidence about where rates might be heading.

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History shows that whenever the UK property market is reportedly down, it does not stay down for long. Good properties are not always available: in busier markets, people often lose out because of increased competition, so buyers with available funding should press ahead on properties they really want.

But there is a caveat: incomes will need to rise in real terms in order to increase domestic buyers’ purchasing power. Without that boost, the market may still be more attractive and affordable to overseas and cash buyers.

By Goli-Michelle Banan

Source: Today’s Conveyancer

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Average asking prices for UK homes rose by just £14 in the past month

UK property prices have risen at their lowest-ever rate for February, according to data from the property website Rightmove.

Average asking prices for residential homes rose just £14 between January and February this year.

But the picture was mixed across the country, with prices rising and falling in different regions.

The average increase – effectively zero in percentage terms – is the smallest February rise ever recorded by Rightmove.

Months immediately after Christmas typically see big seasonal price increases, with more people buying and selling homes.

But average prices were still nearly 4% higher compared to a year earlier.

Rightmove said the negligible rise between January and February suggested sellers were realistically pricing their homes in order to sell them in a market that has slowed sharply in recent months.

House prices generally reflect the health of an economy.

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Rising prices help fuel economic growth, whereas falling prices can dent consumer confidence and dampen the economy.

This month mortgage lender Nationwide Building Society reported the longest run of monthly falls in selling prices since the 2008 global financial crisis.

Prices rose at different rates up and down the country, despite the average figure.

The North East, North West, West Midlands, East Midlands and East of England all saw decreases of -0.1%, -0.3%, -0.1%, -2.3% and -0.1% respectively.

Property prices in Scotland spiked by 7.5% over the month, followed by London (2.1%), Yorkshire and the Humber (1.9%), South West (1.6%) and South East (0.7%).

Growth in Wales was flat at 0%.

Tim Bannister, director of property science at Rightmove, said asking prices usually increase at this time of the year, which marks the beginning of the spring selling season.

‘This month’s flat average asking price indicates that many sellers are breaking with tradition and showing unseasonal initial pricing restraint,’ he said.

With asking prices remaining flat – rather than falling – Rightmove says this could be a positive sign that the housing market is not crashing as many analysts have predicted.

Economists polled by the Reuters news agency in November believed prices would drop by 5% in 2023, though even bigger falls have been predicted.

Still, there were some positive signs in the market.

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Property demand was recovering after former prime minister Liz Truss’s botched ‘mini-budget’ in September 2022 which sent mortgage rates soaring.

Sales were up 11% in the first two weeks of February compared to the same period in 2019, Rightmove found.

After Truss’s mini-budget, which was widely criticised for recklessly cutting taxes, the number of sales in the housing market crashed by 30%.

The Resolution Foundation calculates the mini-budget cost the nation £30 billion.

Property sales remain down 11% on pre-pandemic levels.

By Josh Askew

Source: Metro

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How interest rate rise will affect property market and mortgages

The Bank of England’s decision to hike interest rates to a 15-year high is set to see mortgage payments rise for millions of homeowners.

On Thursday, the Bank confirmed UK rates will rise for the tenth time in a row, to 4 per cent from 3.5, in a bid to control inflation after it reached a record 11.1 per cent in October.

The Bank has faced a tough call over what approach to take, as higher mortgage costs saw the housing market suffer five successive months of falls in property prices.

The IMF reported this week the UK would be the only G7 member to see their economy go backwards this year, with a likely 0.6 per cent contraction. While this would usually lead to calls for interest rates to be cut, the current inflation rate of just over 10 per cent is pushing the Bank to act on its mandate to bring it back towards its 2 per cent target.

Below we look at how the latest interest rate increase could impact the housing market for buyers and borrowers alike.

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HOUSE PRICES

After big increases in 2022, the price of the average property in January was £258,297 – down 0.6 per cent on December, and well below the £281,000 figure from last year.

House prices stalled in September, followed by monthly falls of 1.0 per cent in October, 1.2 per cent in November and 0.3 per cent in December.

Further falls are likely now the Bank of England has approved an interest rate rise for the tenth time in a row, as it will likely push mortgage rates up further.

Higher mortgage rates tend to push house prices down as people are less willing to borrow money.

On Thursday, high street lender Santander warned house prices are set to tumble back to 2021 levels, and has set aside more cash for loan losses as it braces itself for a possible rise in the number of borrowers falling behind with repayments.

The Spanish-owned group is forecasting a 10 per cent fall in house prices this year as interest rate hikes dampen demand.

MORTGAGES

Mortgage rates offered by lenders jumped following the mini-Budget last year and borrowing costs have also been increasing as the Bank of England base rate has risen.

This has resulted in a plunge in the number of mortgages being approved. The Bank reported on Tuesday that 35,000 were given the green light in December compared to 46,000 in November, the UK’s lowest since 2009.

UK Finance estimates that some 715,000 borrowers on tracker mortgages will feel the pinch as interest rates rise again. It estimates householders will be paying around £588 more a year on average as a result of the Bank’s announcement.

In addition, the Office for National Statistics has predicted more than 1.4 million households are facing the prospect of interest rate rises when they renew their fixed-rate mortgages this year.

A string of base rate hikes have taken place over the past year, but borrowers on fixed-rate mortgages were cushioned from their immediate impact. Analysts have said some may get a shock when they come to renew.

Labour has said homeowners could face mortgage hikes of up to £14,000 a year as they come off low fixed-rate deals, adding to the squeeze on living standards.

Analysis by the party shows predicted annual increases in costs for a median house purchase at 80 per cent mortgage in every constituency in the UK.

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WHAT DOES THE GOVERNMENT SAY?

Downing Street acknowledged the interest rate hike could be “difficult” for mortgage holders.

The Prime Minister’s official spokesman said: “Inflation is the biggest threat to living standards in a generation, so we support the Bank’s action today to help us succeed in halving inflation this year.

“We will continue to take the difficult decisions needed to do everything we can to reduce inflation, including not funding additional spending or tax cuts through borrowing, which only serve to fuel inflation further and prolong the pain for everyone.”

The spokesman added: “This is a difficult time for mortgage holders in the UK. As the Chancellor has said, sound money and a stable economy are the best way to deliver lower mortgage rates and keep down the costs of mortgage payments.

“That’s why we are taking the necessary and responsible action to halve inflation, reduce our debt and get the economy growing.”

WHAT DO THE EXPERTS SAY?

Robert Gardner, Nationwide’s chief economist, said: “There are some encouraging signs that mortgage rates are normalising, but it is too early to tell whether activity in the housing market has started to recover.

“The fall in house purchase approvals in December reported by the Bank of England largely reflects the sharp decline in mortgage applications following the mini-Budget.

“It will be hard for the market to regain much momentum in the near term as economic headwinds are set to remain strong, with real earnings likely to fall further and the labour market widely projected to weaken as the economy shrinks.”

Jeremy Leaf, a north London estate agent, added: “The fizz has certainly left the market, leaving behind more serious needs-driven as opposed to discretionary buyers, coming to terms with more stable mortgage rates and greater balance between supply and demand.

“Looking forward, the outlook for house prices remains fairly steady with no expectation of any dramatic change.”

By William Mata

Source: Independent

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There is still promise in the UK housing market – Lawrence Stephens

The UK housing market had a rollercoaster ride last year: house prices hit record levels and the Bank of England’s base lending rate increased nine times in the 12 months to December 2022, rising from 0.25 per cent to 3.5 per cent.

It created a lull in market activity and put the brakes on property prices.

So, what next? Optimists argue that a crash will not happen with current mortgage rates predicted to fall by up to 25 per cent this year. They also point to big lenders such as HSBC, Barclays, Lloyds and Natwest agreeing forbearance measures to help struggling borrowers: switching them to interest-only or competitive fixed rate deals.

Schroders research shows that average UK house prices are more than eight times average earnings; in London, that ratio rises to 11 times. Such stories make good headlines, but the economic mood is gradually changing – from general gloom to a more nuanced outlook.

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Market positives

Notably, the shift in economic sentiment is reflected by reduced rates for new two and five-year fixed mortgages: after spiking to 6.5 per cent last October, they have since fallen back towards the five per cent mark and below.

For potential buyers, interest rates are critical because they directly affect both affordability and lenders’ willingness to lend. After a decade of low interest rates, recent sharp swings have been unsettling.

Assorted lenders – Santander, Barclays, Nationwide and Halifax – now forecast imminent rate reductions to average around 4.5 per cent. Unusually, this comes as the base rate is anticipated to reach four per cent this week.

Mortgage rate cuts by big commercial lenders make the market more attractive and more affordable for domestic and first-time buyers – not just to overseas or cash buyers as happened when rates hit their recent highs. Despite media hype about reducing their mortgage lending, banks still have the appetite to lend.

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A sense of calm

After last year’s shocks, calm has returned. Much has been digested by the market, including the ‘new normal’ in interest rates.

Potential increases are now factored into people’s thinking, so industry professionals can advise with greater confidence on where rates may head next.

Whenever the UK housing market is reportedly ‘down’, history shows it is never ‘out’. Buyers with available funding should press ahead on properties they really want. Good housing stock is not always available: in busier markets, people often lose out because of increased competition. Only those who are not yet able to buy should be waiting.

One caveat arises: UK incomes need to increase in real terms to boost domestic buyers’ purchasing power.

Without that, the market may still remain more attractive to overseas and cash buyers.

By Goli-Michelle Banan

Source: Mortgage Solutions

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Average UK house price falls for fourth month in a row, says Halifax

The average UK house price fell for the fourth month in a row in December, according to Halifax.

Property values decreased by 1.5% in December, after a 2.4% drop in November, a 0.4% decrease in October and a 0.1% dip in September.

The annual rate of house price growth more than halved, to 2% in December, from 4.6% in November.

This marked the lowest annual growth rate recorded since October 2019, when a 1.1% increase was recorded.

Across the UK the average house price in December was £281,272.

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Kim Kinnaird of Halifax Mortgages said: “As we’ve seen over the past few months, uncertainties about the extent to which cost of living increases will impact household bills, alongside rising interest rates, is leading to an overall slowing of the market.

“The housing market was a mixed picture in 2022. We saw rapid house price growth during the first six months, followed by a plateau in the summer before prices began to fall from September, as the impact of cost of living pressures, coupled with a rising rates environment, began to take effect on household finances and demand.

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“These trends need to be viewed in the context of historic prices. The cost of the average home remains high – greater than it was at the start of 2022 and over 11% more than house prices at the beginning of 2021.

“The first half of last year was a very strong period for sellers; between January 2022 and August 2022, the average cost of a home rose by over £17,000 to £293,992, setting a new record high.

“As we enter 2023, the housing market will continue to be impacted by the wider economic environment and, as buyers and sellers remain cautious, we expect there will be a reduction in both supply and demand overall, with house prices forecast to fall around 8% over the course of the year.

Source: The Guardian

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Analysts positive despite largest fall in house prices in 14 years

Average house prices have seen their sharpest drop since 2008 according to the latest Halifax House Price Index.

The index shows that the average house price fell by 2.3% in November to £285,579, which was the third consecutive fall and the largest since October 2008.

The report also showed that the annual rate of growth fell in November from 8.2% to 4.7% with growth slowing in every UK region bar the North-East.

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And with the Bank of England hiking interest rates from 2.25% to 3% triggering a low number of mortgage approvals, Rightmove has reported a drop of 21% in the number of first-time buyers in the last two weeks of October 21 compared with the same period in 2021.

Although some analysts have been predicting a crash in the UK housing market of as much as 20%, others are more optimistic.

Halifax Mortgages director Kim Kinnaird said: “When thinking about the future for house prices, it is important to remember the context of the last few years, when we witnessed some of the biggest house price increases the market has ever seen. Property prices are up more than £12,000 compared to this time last year, and well above pre-pandemic levels (+£46,403 vs March 2020).

“The market may now be going through a process of normalisation. While some important factors like the limited supply of properties for sale will remain, the trajectory of mortgage rates, the robustness of household finances in the face of the rising cost of living, and how the economy – and more specifically the labour market – performs will be key in determining house prices changes in 2023.”

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Meanwhile, experts at Cornerstone Tax are forecasting a rise between 5% and 8% as foreign investment, driven by the decline in the value of sterling, making the housing market 10% cheaper.

Cornerstone Tax chairman David Hannah was adamant: “There will be NO crash and NO 10-20% fall in property prices that we saw in the Noughties. The UK property market has tended to be more stable than any other global market in property.”

He added: “We have faced a massive set of instabilities. We’ve had two years of the pandemic, necessary pandemic spending, we’ve had the war in Ukraine and that has increased inflation which has led to a massive increase in interest rates. Recent government policy in the UK has led to a devaluation in sterling and at least one if not two regime changes in the conservative party, and all of these factors have added to a sense of uncertainty of what’s going to happen in 2023.

“In early 2023, we will see slow demand. Only those people that are forced to sell will see a small fall in prices, however, over the whole of 2023, I expect to see low to mid to single-digit growth over the UK property market – between 5% and 8%. Despite the negative headlines we have been seeing, there is an underlying pressure on the market and that is leading to upward pressure on prices.”

Hannah concluded: “We now have a growing number of people that want to move to the UK. The first is the overseas investor who regards UK property as a safe haven for their money because the country they principally live in is not economically or politically safe. The second are those who want to become second homeowners. The third and final group is those who want to leave their country of birth and are in need of a home. All of these factors over the course of the next 12 months, I believe, are what will support the UK market and leave it with a modest and steady rate of growth.

By Chris Frankland

Source: KBB Review

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Average asking price of UK homes down by 2.1% in a month, says Rightmove

The average asking price of homes being put on the UK market has fallen by 2.1% over the last month, according to Rightmove, which said it had seen the largest pre-Christmas dip of the last four years.

The UK’s biggest property website said the average asking price was £359,137 in early December – about £7,862 less than a month previously. The fall in asking prices followed a 1.1% decrease in November’s prices, and will be seen as further evidence that the property market is rapidly cooling.

Kwasi Kwarteng’s infamous mini-budget, which sent mortgage rates rocketing, looks to be the point at which property prices peaked – for now at least.

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Last week Halifax said prices in the UK fell by 2.3% in November, the largest monthly drop on its index since the start of the 2008 financial crisis.

Terraced properties on the high street, Henley-in-Arden, Warwickshire, England
UK house prices fall at fastest rate in 14 years, says Halifax
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At the start of the month, Nationwide said UK house prices were falling at the fastest pace in almost two and a half years, as the turmoil of September’s mini-budget affected the sector.

Despite this, Rightmove said that at the end of 2022, average asking prices were 5.6% higher than at this time a year ago, only slightly below the 6.3% growth recorded in 2021.

However, it predicted a 2% fall in prices next year as a multispeed, hyperlocal market emerges, with “some locations, property types and sectors faring much better than others”.

The number of views of homes for sale on Rightmove was up 11% compared with this time last year, a sign that there are many potential movers who are weighing up their options, it said.

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“After two and a half years of frenetic activity it’s easy to forget that having multiple bidders immediately lining up to buy your home was the exception rather than the norm in pre-pandemic years, and there will be a period of readjustment for home-movers as properties take longer to find the right buyer,” said Rightmove’s Tim Bannister.

“We’re heading towards a more even balance between supply and demand next year, but we don’t expect a surge in forced sales, which would cause a glut of properties for sale and contribute to more significant price falls in 2023,” he added.

By Miles Brignall

Source: The Guardian