House prices could actual UP in 2023 - against the expectations of almost every property professional.
That’s the view of Jonathan Rolande, the director of the National Association of Property Buyers.
Many other pundits - including, for example, the Knight Frank lettings agency - have predicted falls of up to 10 per cent in the coming two years.
But Rolande insists many parts of the UK could buck that trend.
“Rising interest rates, inflation, a cost of living crisis and a drastic cut in mortgage cuts are a perfect storm of factors which, during any other time, might have led to a house price crash” he says.
“Yet in reality prices are actually holding firm. And in many parts of the UK, especially in the north and in regions of the Midlands, prices are still going up.”
Rolande says the strength of the lettings market - and consequent growth in rents - means more people are focussing on saving for a deposit to buy, keeping the sales market in favour of sellers.
“We estimate there will be rises of around five over the next six months … Commentators talking about slowdowns are not seeing the bigger picture. In the past few years, we’ve had double digit rises month after month in the housing market.”
Rolande says this is not sustainable and has to slow - but not necessarily slam into reverse gear.
“Smaller rises in property prices will boost the chances of those desperate to get on the housing ladder, especially if it’s matched by government policy to support first-time buyers” he adds.
“We’d urge ministers to look again at their stamp duty policy and think about targeting it towards the older property owners who might be tempted to sell up and downsize, thus creating additional supply in a crowded market.”
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I think the bottom line is noone knows what will happen in 2023 as they didn't when the pandemic arrived. There are way too many wacky variables at the moment that could have an influence, from domestic politics to ukraine, to unknown unknowns. You don't know what you don't know.
Matthew, we don’t know what we don’t know but we certainly know what we do know. Remove S.21 it’s collapse, so you think someone would be prepared to spend hundreds of thousands on a Deposit borrow hundreds of thousands more and repay 10’s of thousands annually, to put a roof over someone head who by paying a monthly rent immediately becomes a sitting Tenant which is what’s being proposed and the only option of removing the Tenant from your property is to sell it, then you no longer have the property so they are giving you zero option of getting possession of your property, regardless of the huge financial burden and lump of SD land tax paid. Those people certainly don’t know what they don’t know.
Jonathan Rolande will be sectioned. This is a tough time. We don't need flat earthers.
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