Home relocation in 2023? Here are the essential details

Are you considering moving in 2023? Here is what the housing market is doing as we start the new year, whether you are already looking for a home, are ready to begin your search, or are considering selling your house.

Are you considering moving in 2023? Here is what the housing market is doing as we start the new year, whether you are already looking for a home, are ready to begin your search, or are considering selling your house.

In 2023, there will be more options for homebuyers.

Boxing Day generally marks the beginning of the property market's uptick in activity into the spring, following a slower December as individuals take part in holiday celebrations. "Boxing Day is traditionally the start of activity building up into January and the spring selling season after Christmas, as consumers return to their search or consider a New Year's relocation," explains our resident real estate expert Tim Bannister. Over the holiday season this year, we noticed some encouraging activity and recognizable patterns, which are positive signals for the future.2023 house movers are available and prepared.

For the number of people wishing to move, there haven't been enough properties on the market lately. In order to get the house, they desired, homebuyers had to act very quickly, which caused house prices to reach an all-time high.

This year's increased buyer options are probably going to result in homes sitting on the market for longer before finding the appropriate buyer. Tim states that this year's calmer market will better suit measured movers who prefer to take their time to discover the ideal house after the previous few years' hectic market conditions.

What is going on with housing prices?

The average home in Great Britain cost £359,137 in December, and we expect home prices will decline by an average of 2% in 2023. However, because our prediction for home prices in the coming year is based on a national average, we anticipate that local variations in housing market activity and house price fluctuations.

This is due to the numerous smaller, local markets that are active, with trends shifting based on the kinds of real estate that are for sale, how desirable the area is, and what potential purchasers can afford.

Finding the correct estate agent will therefore be crucial

Finding a knowledgeable real estate agent who is well familiar with your neighbourhood and its patterns will be crucial because we are likely to witness these local markets in action. To help you through the home selling process, you should pick an agent you feel confident in.

Choosing an agent who has recently sold homes similar to yours in your neighbourhood might also be a good option because they will have the most current list of prospective buyers for your house.

What does the most recent increase in interest rates entail if you want to secure a mortgage?

In recent months, the financial markets have become more stable. As a result, there are now more mortgage deals accessible than ever before.

Since the Bank of England's recent interest rate increases, notably the increase to 3.5% in December, were anticipated, many of the bargains mortgage lenders are presently providing have already taken this into account. Therefore, it is unlikely that the rate increase in December will result in an increase in the cost of mortgages. In fact, in recent weeks, we've even seen several lenders reduce their rates.