Session: January 18th, 2023
Dataloft’s Real Estate Economist Julia Middleton has hosted her first Residential Market Outlook for 2023, presenting exclusively live to Dataloft Inform subscribers.
Julia was back by popular demand to present her thoughts on the housing market outlook for 2023. An economist by training, Julia has over 15-years' experience in property research and has held senior positions in prominent real estate consultancies and financial institutions.
The session assessed the key drivers of economic and housing market cycles and reflected on how these might impact the outlook. The presentation included critical factors such as interest rates and affordability, presenting scenarios on what the next year or so holds for the residential sales market. Julia also covered key themes evident in the rental market.
What were the key takeouts?
Moving into 2023, housing market sentiment has improved from the immediate fallout from the Liz Truss Growth Plan. Nonetheless, we continue to see a weakening economy and rising interest rates.
Overall, house price growth is to likely to continue to slow, with mild price falls evident, albeit with a variable picture across the UK.
Mortgage volumes have fallen sharply recently, but this was likely a temporary reaction to the shock of sharp interest rate rises back in September and October 2022.
2022 saw high levels of rental growth in many markets. Overall, we don’t expect these high rates to continue as affordability affects renters.
While we expect rental growth to slow this year, it will continue to be positive, buoyed by strong earnings growth forecasts.
Would you like to be one of the first to hear Julia’s next update?
Dataloft Inform subscribers are always the first to hear Julia’s sessions. They are also the first to understand the latest property market news, right down to their local postcode sector. Dataloft Inform is a market insight and marketing content platform. Packed full of content and analysis, it is designed to help estate agents and other property professions make sense of the noise in the market and share that knowledge with local homeowners.
If you would like to get on the radar of local homeowners, and stay there, talk to the team.