Race for Space season 2? It sounds like a thriller movie, right? But lo and behold, as this is what you are most likely to witness in this new year. After all, we can agree that the UK property market has not been any less than a thriller show since the mini-budget. Ups, downs, fluctuations, it has seen all.
A new season awaits with a new year. So what happened in the first race for space in the United Kingdom, and how are we foreseeing the race for space in 2023? What lies ahead for property investors? We will explain it all in this article, along with the house price predictions for 2023.
How did the Race for Space start?
In 2021, the market was in particularly good shape thanks to the stamp duty holiday and low-interest rate environment, which persuaded many people to relocate who otherwise may not have.
However, people’s housing preferences and lifestyle needs also significantly changed over the COVID pandemic. In response to an increase in work from home and the need for greater interior and exterior space, many people reevaluated what they wanted.
The 2021 race for space might have come unannounced, but that of 2023 is very much predicted, giving you an opportunity to invest scrupulously. With Manchester being one of the most preferred and strong destinations for the property market, you should contact estate agents in Manchester as soon as possible.
What does 2023 hold?
2023 is predicted to be a cooling-off year for the property market. According to Halifax, UK home prices will decline by 8% in the upcoming year, albeit this decline won’t be large enough to undo all of the gains gained in recent years.
It is also believed that 2023 will be a buyer’s market (One Global Group and Zoopla) due to the following reasons:
- A new race for space is anticipated, and buyers won’t shy away from taking their marks in this race.
- 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.
- According to One Global Group, house purchases are being made in London and regional areas like Manchester and Birmingham by purchasers from Hong Kong, who represent a varied spectrum of buyer types, from experienced investors to owner-occupiers.
With Manchester looking strong and a perfect property market, consider opting for Property Valuation Manchester. Many wonder, ‘How should I value my property?’ Don’t forget that this is a race, and you need to run fast. Stop wondering and get into action.!
Why the race for space now?
The pandemic explains the previous race for space well, but why is it predicted to prevail in 2023? Let’s look at some reasons for this prediction.
- A recent Savills research reveals that living close to family, having access to outdoor space, and having a place to work from home are still buyers’ priorities.
- The opportunity to work from home is still crucial for many people despite a return to offices and regular social activities. 58% of agents said that an in-house workspace remains a top consideration for purchasers.
- Country life is still a popular choice. The majority of prospective buyers in the survey selected small towns, villages, and the countryside as the most alluring types of locations.
- Proximity to family, parks, and other open spaces continue to be the priorities for buyers.
Endnotes
Sales in 2023 will be dominated by people searching for a place to work from home, a steady increase in people retiring, and people relocating to homes that are less expensive to maintain than their current residences due to high energy expenses. Get the engine revving (well, metaphorically) and secure your spot in this race for space!
