The UK media headlines are full of alarming headlines with predications about house prices falling on 2023, so how has the market shaped up in early January on the Hampshire / Surrey / Berkshire borders
There can be no doubt that the upward movement in house prices has stopped and flattened out, however, that doesn’t mean the market has slowed. House sale transactions are at a good level and there is currently a remarkable resilience in the house market.
We should also remember that when intuitions such as the Halifax or the BBC make statements such as UK house prices will drop by 8%, they are suggesting this for the UK as a whole and not specifically Hampshire / Surrey / Berkshire borders. Also, if you look back on house price predictions in the past they are typically found to be wrong.
There can be no doubt however that the days of constant upward movements in house prices are gone for the short to medium term, despite buyers still being in a competitive environment because there is so little property for sale on the supply side. The cost of living will make buyers more cautious so price sensitivity will be a factor, but the house market will remain in good shape.
Some Facts About January 2023 House Sales
To demonstrate how resilient the market is and how the buyer demand remains very high, just take a look at the following properties that have exchanged contracts in the last five days. This wouldn’t happen in a flaky market because fewer buyers would remain committed to their house purchase.
The following is a selection of properties that have proceed to exchange in the last five days, despite the backdrop of media commentary. The price range is as impressive as the amount of buyers that have remained committed to their individual purchase plans.
The Blue Triangle Fleet – Exchanged c. £1.6m.
Hazeley Lea – Exchanged c. £1.6m
Hartley Wintney – Exchanged c. £900,000
North Warnborough – Exchanged c. £1.3m.
Odiham – Exchanged c. £875,000
Hartley Wintney – Exchanged c. £695,000
Odiham – Exchanged c. £800,000
Odiham – Exchanged c. £600,000
Fleet – Exchanged c. £800,000
Fleet – Exchanged c. £700,000
Fleet, Hampshire – Exchanged This Week (guide c. £1.6m.)
Hazeley Lea, Hartley Wintney, Hampshire – Exchanged This Week (guide c. £1.6m.)
Hartley Wintney, Hampshire – Exchanged This Week (guide £900,000)
North Warnborough, Hampshire – Exchanged / Completes This Week (guide c. £1.3m.)
Odiham, Hampshire – Exchanged This Week (guide c. £875,000)
Hartley Wintney, Hampshire – Exchanged This Week (guide c. £695,000)
Odiham, Hampshire – Exchanged This Week (guide c. £800,000)
Odiham, Hampshire – Exchanged This Week (guide c. £600,000)
Fleet, Hampshire – Exchanged This Week (guide c. £800,000)
Fleet, Hampshire – Exchanged This Week (guide c. £700,000)
By any standards most would agree that this is an impressive performance demonstrating the strength of buyer demand.
We believe the house prices we are experiencing in December 2022 will be around the same level by December 2023, if the current supply side levels remain in place and the cost of borrowing doesn’t increase significantly.
If you need market insight at any time in 2023, just go to our web site and ask your nearest branch for a free no obligation house price appraisal.
