Whether you’re putting your home up for sale, concerned about mortgage rates, or just keeping a watchful eye on the market, Zoopla’s house price index has some food for thought.
Based on its latest data, the property portal is forecasting an average UK house price rise of 5% over 2022. This is a slowdown compared to the year from July 2021 to 2022, which saw an average rise of 8.3%. It also represents a move to more ‘normal’ conditions compared to the red-hot market that has characterised the sector since the pandemic.
But according to Richard Donnell, director of research & insight at Zoopla, the slowdown is unlikely to translate into falling prices, despite issues with the wider economy. He said: “While mortgage rates are set to double over 2022, we don’t anticipate any widespread falls in house prices.
“While the rising rates and cost of living pressures are sure to be on households’ minds, we’re not seeing any big impacts on the market yet”.
For anyone looking to second guess the markets before deciding whether to sell, Donnell recommends focusing on personal circumstances above all. “Moving house is a big decision. Most of us only do it once every 20 years. I would put life changes and personal priorities before trying to time the market. Don’t try to time buying decisions based on what you think will happen to house prices. There won’t be big swings in property values in 2023 but buyers will become more picky.”
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
However, he suggests that waiting to sell could put vendors at risk of weakened demand, if mortgage rates rise and the cost-of-living crisis puts increasing pressure on households.
The portal also predicts that some people will look to a house move to help them ride out the current crisis by downsizing to free up equity and reduce their energy bills.
Read more about this story on the Zoopla website.
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