Good news is expected for London property owners in 2023

LONDON: In comparison to the ordinary UK home, the average property price in London increased by approximately 3% between November 2022 and December 2022. (Reported by news source)

According to the most recent Halifax home price data, the typical property actually increased by 2% when compared to the same month in 2021. However, the yearly rate of house price growth is still reducing, as prices increased by 4.6% in the year ending in November 2022.

In 2022, the housing market presented a complex picture. During the first six months, there was a quick increase in house prices, which was followed by a plateau in the summer before prices started to decline in September as the impact of cost-of-living pressures and a rising interest rate environment started to affect household finances and demand.

As 2023 begins, the housing market will continue to be influenced by the broader economic climate. As buyers and sellers continue to be cautious, we anticipate that there will be less supply and demand overall, with house values predicted to drop by about 8% over the course of the year.