July 2023 Market Update

July 2023 Housing Market appraisal:

The UK housing market is in a state of flux in July 2023. After a period of sustained growth, house prices are now falling, and there are signs that the market is starting to cool.

There are a number of factors contributing to this change. Rising interest rates are making it more expensive to borrow money, which is putting a squeeze on buyers’ budgets. The cost of living is also rising, which is making it more difficult for people to save for a deposit.

In addition, the government’s stamp duty holiday has ended, which has reduced the incentive for buyers to move. As a result, there is now more supply of homes on the market, which is putting downward pressure on prices.

So, what does this mean for buyers and sellers?

For buyers, it is now a more affordable time to enter the market. Prices are falling, and there is more choice of properties available. However, it is still important to have a good deposit and to be prepared for the rising cost of living.

For sellers, it is a more challenging time to sell a property. Prices are falling, and it may take longer to find a buyer. However, there are still buyers in the market, so it is important to price your property competitively and to market it effectively.

Here are some of the opportunities for buyers and sellers in the current UK housing market:

**Opportunities for buyers:**

* Prices are falling, which means that you can get more for your money.

* There is more choice of properties available, so you are more likely to find the perfect home for you.

* You may be able to negotiate a better price with the seller.

**Opportunities for sellers:**

* The market is still active, so there are still buyers in the market.

* You may be able to sell your property for a profit, even if prices are falling.

* You may be able to sell your property more quickly, as there is more supply on the market.

Of course, the housing market is constantly changing, so it is important to keep an eye on the latest trends. If you are thinking of buying or selling a property, it is a good idea to speak to one of our team at Buckingham James for an impartial professional overview and also an estate agent to get their advice.

Here are some additional tips for buyers and sellers in the current UK housing market:

**For buyers: **

* Do your research and understand the current market conditions.

* Get pre-approved for a mortgage so that you know how much you can afford.

* Be prepared to act quickly when you find a property that you like.

**For sellers: **

* Price your property competitively.

* Market your property effectively.

* Be prepared to negotiate with buyers.

The UK housing market is a complex and ever-changing landscape. However, there are still opportunities for buyers and sellers who are prepared to do their research and act wisely.

If you are buying and in need of mortgage advice, talk to us to get the latest news on market trends including the most competitive arrangements available and an affordability calculation to find out your buying scope.