UK House Prices to Return to Growth in 2023

The UK housing market is showing signs of recovery, with a recent survey by Rics indicating that house prices have stabilised in March. This comes as a welcome relief to mortgage holders, who have been advised to consider selling their houses over the next 12 months.

The UK housing market is showing signs of recovery.

The Rics survey revealed that new property listings and buyer interest have increased across the country, despite the ongoing Cost of Living crisis. Tarrant Parsons, senior economist at Rics, noted that demand is continuing to recover gradually, and that the Bank of England’s ability to start lowering interest rates later in the year could lead to an upward trend in house prices.

Regional Variations

The report highlighted that all parts of the UK are anticipated to see a rise in house prices over the year to come, with sentiment particularly robust in Northern Ireland, London, and Scotland.

“Feedback from our March survey shows that demand is continuing to recover gradually.” - Tarrant Parsons, Rics senior economist

House prices are expected to rise across the UK.

However, against a backdrop of elevated mortgage rates, the scope for an acceleration in housing market activity will still be relatively limited.

What’s Next for Mortgage Holders?

As the housing market begins to recover, mortgage holders are being advised to consider selling their houses over the next 12 months. With interest rates expected to decrease later in the year, it may be a good time for homeowners to reassess their mortgage options.

Mortgage holders are advised to consider selling their houses over the next 12 months.

Conclusion

The UK housing market is showing signs of recovery, with house prices expected to return to growth in 2023. While mortgage holders are being advised to consider selling their houses, the scope for an acceleration in housing market activity will still be relatively limited. As the market continues to evolve, it’s essential for homeowners to stay informed and adapt to the changing landscape.