In 2023, the UK real estate market is expected to favour buyers

UNITED KINGDOM: In 2023, the real estate market in the UK will favour buyers. According to a press release from the Singapore-based real estate firm, the market conditions in the coming year will make it the perfect moment for Asian investors to buy a home in the UK. (Reported by news source)

One Global Labs' director of research and technological innovation, Eli McGeever, expects prices to continue to correct in some markets in the future while remaining constant in others. Locations in Manchester, such as the city centre, will certainly outperform the market, as will areas in London such as Harrow, Hounslow, and Newham.

Rising housing supply is also anticipated to balance the real estate market, easing the restricted supply that has driven up UK real estate prices quickly during the pandemic.

The pound sterling is still below levels from a year ago, which benefits Asian investors. Real mortgage rates are also expected to decline below 5% in 2023, easing from the highs of over 6% observed last year as a result of the UK's mini-budget, which was announced in September 2022 and generated market turbulence.