An unexpected but welcomed surprise for 2023…
January 21, 2023 3:37 pm
That is probably the best way to describe the start to the New Year. After the subdued end to 2022, 2023 has started with a flurry of new instructions, increased buyer enquiries and over a dozen new sales agreed in the first couple of weeks of January.
This coincides with the general sentiment of the latest Rightmove press release, which reports an increase in the average asking price, 0.9% as compared to the falls in values reported during November and December, although average prices are still 2% lower than they were at their record peak in October last year.
Asking prices usually increase in January, after the traditionally quiet home-moving period leading up to, and during the Christmas period. But this year’s price boost has been the biggest at this time of year since 2020.
Rightmove report that the 5th January was the third busiest day ever for people asking estate agents to value their home and can attest to that, with both Stephanie and Simon in high demand for valuations. In the last two weeks, there’s been a 55% jump in the number of people contacting estate agents about homes listed on Rightmove, compared to the two weeks before.
Tim Bannister, of Rightmove, says: “Given that the pause for Christmas came unexpectedly early last year, it was important to see whether buyers and sellers would pick up their plans again at the beginning of this year, or wait to see what the first few months might bring. The numbers certainly suggest that activity has bounced back after Christmas.”
At the end of 2022, there was uncertainty around how much the property market would be affected by things like rising interest rates, inflation and the increasing cost of living. These have certainly had an impact but more positive news of falling inflation, stabilisation of mortgage rates, have helped buyers see past the next few weeks and months with a more positive outlook for the future.
Although it’s early days, there are several signs of positivity as we head into 2023. Rightmove is forecasting that average asking prices will drop by 2%, but to put that into context, this would mean average prices would be where they were in March 2022, hardly the dramatic falls of 20% as initially predicted.
Locally, we’re pleased to report that we have maintained our #1 spot for new listings, sales agreed and property views, meaning we’ve started 2023 as we finished 2022, Formby’s #1 Estate Agency, but not forgetting that we remain very active in Southport, Crosby, Maghull and surrounding areas…
To find out what makes us different, call in to see us or contact us on hello@stephaniemacnab.co.uk