Posted: 15th June 2023
Nobody denies that the worsening of economic conditions will have an impact on property values, but what should we expect a crash or a correction?
It takes a daring individual to anticipate what will happen next in the real estate market.Whether you are a lender, broker, agent, developer, legal firm, surveyor, or provide removals, searches, or any of the many other home moving services, feedback I am receiving indicates that either nothing has changed and you are still rushed off your feet, or things are definitely slowing and it may feel like the market could crash and burn at any time.
In the past, it wasn't difficult to predict what would happen in real estate. Any uncertainty, such as speculation of a recession or news of a property catastrophe, would always lead the market to stall. However, since the epidemic, this connection appears to have broken down, and we won't know for another year or two whether it will ever be repaired.
There are other factors outside of real estate that might "spook" the market.
However, there are a few unconnected events that might "spook" the market. The Ukraine-Russia conflict, the energy crisis (even with the new ceiling), and how the financial markets would react to the next Prime Minister's spending and borrowing plans. Oh, and new government officials are in charge of housing, which happens every year!
If all of these difficulties improve, the property market will undoubtedly slow down slightly, but if they worsen, transactions may stall and people's confidence may alter, affecting pricing.
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