Mishon Mackay’s see an encouraging start to 2023
Mishon Mackay’s see an encouraging start to 2023
At Mishon Mackay, our team of experts have been observing the current property market in Sussex and highlighting the opportunities available for buyers and sellers as the market continues to change.
Early indications suggest that there are still motivated buyers and sellers willing to transact in 2023 against a backdrop of recent uncertainty. Although nationally the annual property price growth continued to drop towards the end of 2022, the average price for a property in Brighton and Hove is up 6.6%. This hasn’t appeared to deter buyer enquiries at Mishon Mackay. In the first few days of January 2023, Mishon Mackay experienced a 32.6% increase in viewing appointments, compared to the same period in 2022, highlighting that buyer demand in the region remains high.
In addition, valuation appointments are up 247% compared to early 2022, indicating that sellers in the region recognise that there is an opportunity to enter the market while prices continue to remain strong. Whilst transaction levels are predicted to fall in 2023, the market is expected to readjust to pre pandemic levels. This follows unusually high levels of transactions, fuelled by stamp duty cuts, low interest rates, and the need for more outdoor and work from home space.
The financial market has also become more stable and as interest rates begin to fall, there will be more mortgage deals available for potential buyers. The temporary stamp duty threshold has increased until 2025 creating an additional incentive to move, subject to affordability. This should encourage more buyers to enter the market and make the move to buying a new home.
Chris Thew, Sales Director at Mishon Mackay, said:
“Despite the challenges the housing market has had with the fluctuations in interest rates and the current cost-of-living crisis, there is still a huge demand for properties, with the demand still currently continuing to outstrip supply. With sellers continuing to receive offers over the asking price, it is a great time for those considering selling their home to enter the market and get a great price for their property.
“What is important to acknowledge is that with the headwinds of rising living costs and inflation, clients may need more guidance than usual to navigate them through the buying process. Furthermore, with the market having shifted in favour of the buyer, and with mortgage rates predicted to improve, it is vital that sellers consult with established and knowledgeable agents, not only to take their advice on the best pricing and marketing strategy, but with the skills and experience of negotiating in challenging markets to ensure you are getting the best price for your property.”
Looking to buy or sell a home in 2023? Get in contact with the Mishon Mackay team today on 01273 416 732, or email our Sales Director, Chris Thew, at cthew@mishonmackay.com