Houses prices are increasing this winter however experts uncertain over 2023 prediction

November and December present the most opportunity for investors to turn a profit before predicting 2023 home values.

Specialists are uncertain about the dynamics of housing prices in 2023 after the recent economic downturn.

Rightmove's October housing price index suggest that average asking prices went up 0.9% to a new record high of 371,158.

The government announced last month it would be reducing stamp duty, hoping the new policies would make it more affordable for buyers to acquire their first property. Lower prices would likewise make the process of purchasing a house before remodeling easier.

But in the wake of the mini-Budget, roughly 1,000 mortgage agreements were taken down by the British economy, and trembling within the financial markets subsequently led to new chancellor Jeremy Hunt to reverse the increasing of several policies.

And Rightmove recently indicated there was likely a slowdown in prices in November and December, as it usually does in that period.

Will house prices continue to rise?

This is a question that many of us are asking over the past couple of years, and the current answer is less clear than it was several months ago.

Throughout the summer of 2020, home inflation had peaked after the introduction of the stamp duty holiday and mortgage guarantee, as well as the "race for space" that developed after the pandemic which led to greater demand for bigger houses since people started working from home.

Surging energy bills coupled with continuing interest-rate increases at the Bank of England have been expected to affect households' finances. There was also evidence that the housing market was losing some momentum with annual growth of prices dropping in multiple home price indexes.

First-time buyer demand was 21% less in the first two weeks of October compared with last year, according to Rightmove, and some buyers are now rushing to complete deals in time based on mortgage offers made before the mini-budget.

A recent research by Halifax has found that home prices were down over the past month by 0.1%. Furthermore, Oxford Economics consultancy noted that house prices were overvalued by a third and likely to fall in the coming months.

Thinking of buying a house?

In response of these market changes we advice homeowners and for those planning on buying a new house can contact our team for more support concerning buying and also selling a home at through email or call 01942 732 208.