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Property market: LOOKING TO THE YEAR AHEAD LAWRENCE BROWN, DIRECTOR OF STRUTT & PARKER, HIGHLIGHTS SOME KEY TRENDS HEADING OUR WAY
A fter an unprecedented two years – a Stamp Duty holiday, bidding wars and a huge lack of stock – many are asking if we’ll see the return of ‘normality’ in the housing market this year. As always, the landscape is on the move, and with soaring costs of living, rising interest rates and softening house prices, it’s never a simple answer. Behind this macroeconomic
There are some who have grown tired of the WFH lifestyle, and others who may feel pressure to be back in the office, especially as economic uncertainty grows. GREEN RESOLUTIONS A recent survey by Strutt & Parker found 67% say it’s important their future home is environmentally friendly – a number that rises to 75%
for those from 18 to 34. With legislation on minimum EPC requirements looming and higher numbers of people looking to reduce energy use in the face of surging heating
Sellers may need to be more malleable in the coming year
backdrop, the market in 2023 will be driven by the factors that have kept it moving for decades, such as schooling, probate sales, personal finances, growing
over fixtures and fittings, or a matter of days when it came to completion dates. In 2023, though, sellers may need to be more malleable to see a deal follow through. Flexibility will be key if that’s over whether the curtains will be included or the need for an extended completion date. WILL THERE BE ANY WINNERS? Second-steppers and upsizers may find opportunity to get good value as the market softens after two years of high growth.
bills, our houses are at the forefront of our minds when it comes to greener living. BUYER BEHAVIOUR The market for the last couple of years has been extraordinary, and with supply/ demand scales unbalanced, there were often multiple buyers chasing a property. Deals were lost or won based on talks
families and lifestyle changes. Looking to the months ahead of us, here are some other factors which could be at play: THE RETURN OF THE COMMUTE? Hybrid working has given those who sit behind a desk greater flexibility in where they work, and how much time they spend in the office. But is the tide changing?
CAMBSEDITION.CO.UK FEBRUARY 2023 75
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