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What might the housing market outlook be for the near and further future ahead?



For sure, things have been tough for the housing market for the past year or two....or three … or even more! As a starter, in various ways, right now, it seems, the uncertainties very much carry on for many people, as mortgages and interest rates fluctuate and house prices and borrowing interest rates tick up and down like yo-yo’s!


Extend Now …Move Later


We at Mint Builders continue to achieve some modest advantage here in Cheltenham, Gloucestershire and The Cotswolds from the current all round home selling  ‘uncertainty’ as our successful, well-established Extend Now -Move Later initiative remains under close consideration by homeowners who respond positively to this  key message.


fingers crossed


Many appreciate  the idea that a home project for now, could - if done right - offer sales price ‘added value’ for the nearer future - by which time( fingers crossed), the outlook for a feasible ‘full on’ home move  just might be more profitable, manageable, viable AND successful!


twists and turns


The Mint team, of course, follow the twists and turns of the current housing market very closely, keeping in touch with the ever changing market 'ups and downs', both for now and, also, into the near and longer term future. Latest news is focusing firmly on a continuing - and indeed, one might say quite alarming - drop in house prices!


the potential outlook


Recently, the ever-informative HomeOwners Alliance highlighted - compliments of their own experts and known contacts - various aspects of the potential housing market outlook for the rest of this year -  and indeed, the start of next.  Check out below then some of this ‘nitty gritty’ opinion....it'll make you think!


house price forecasting


First then,  some possible ‘food for thought’ reference the housing market outlook for the rest of the current year….. Highlight the HOA sources .“When it comes to making a house price forecast, no one really knows what will happen! That said, there are numerous factors that we can take into account and experts we can ask to help us make an educated guess, - and in turn help inform your vital decisions for your home – whether you’re selling, buying… or staying put. The starter question of course ….. 'What’s happening with house prices now then' ......


down ..down


The Nationwide  House Price Index says…..  the average UK house price in July 2023 was £260,828. This is down 0.2% compared to June 2023, it’s down 3.8% when compared with July 2022!  The price of a typical home is now 4.5%, or almost £13,000 below the peak of £273,751 recorded in August 2022. The headlines emerging very ...very recently, are that prices are  ..dropping ..dropping ….dropping….


how much?


That being said…. ….what about house prices when it comes to looking slightly further ahead into 2023?…even early 2024 …  Well - ponder experts ….it looks likely initially at least that prices could fall further … the big question being of course   ……. by how much WILL they fall?


revisions and expectations


At the start of 2023… Lloyds Bank forecast house prices to fall by 8% in 2023. Although in February 2023, they revised their position and said it was expected house prices could fall by just under 7%...... …..while the  Zoopla online property experts’ forecast was that house prices fall set to up to 5% in 2023.  In June 2023, Zoopla said its house price forecast was…. “still on track”.


around 10%?


There’s further views, of course, to consider …Talking to the HOA, Property consultancy company, JLL forecast house prices in the UK are set to drop by 6% in 2023. The HOA reported that their known housing expert buying agent, Henry Pryor indicated that he expects house prices to slip slowly through the year…. ......ending 2023 down by around 10%….


crash coming?


Much food for thought there then…. and a key question is what WILL happen next? Should we expect something of a crash in the housing market….. HomeOwners Alliance CEO Paula Higgins says, It’s understandable that people get nervous when they hear predictions of a house price “crash” being bandied about.


hard to predict


When it comes to a house price forecast, it’s too hard to predict whether there will be a “crash” where prices plummet. She adds, We must remember it didn’t happen with Brexit, it didn’t happen with the pandemic…. and we still have a fundamental shortage of housing. For more considered views of the HOA leader and other property minded ‘gurus’ on the home prices outlook ....click here perhaps... https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/house-price-forecast/#


reality


So much to ponder eh?  ..with a likely further ‘house price fall’  very much a reality for the  Autumn ahead…. and surely in that case… on into Winter too. In fact, “could the 'price fall effect' could go on being felt on into an early part of 2024 too … even stretching well into the Spring of that year .....hmm.... makes you think eh?


home project added price value?


So, what about the drop in prices  through this year and into next becoming a true probability…well, what about it indeed?  Such a situation as we at Mint see it, perhaps suggests that maintaining CURRENT prices of a home could and may perhaps - to an extent - (pardon the pun!) - be achieved by ‘actioning’ a home improvement extension or renovation project for the more immediate future!


later-on sale


Doing so, surely just could help add sales price value ready for a later on sale    --  modestly helping  counteract this predicted and much talked about continuing price fall spreading on deeper into 2024. Time will tell if this kind of effect will indeed come into play - we shall see!


sound move?


Good luck with any projects you may be planning. Doing so, seems to look to us at Mint like a sound move for the house price 'going down' poseibility still very much THE trend for this year .....and probably well into the first quarter of next year too …and beyond. There you go....hold tight…and ponder carefully eh?


We at Mint Builders are, of course, here to help locally with all kinds of questions and ideas -  and much practical advice too - relating to your new home project  plans in these changeable and challenging property ‘price-dropping’ times going on through  the rest of 2023 and also on into 2024.


Feel free to request our project planning and quotation visit to refurbish or extend your home for more energy saving ‘liveability’ and vital, increased, future protective money-making ‘added sales value’, never more vital than now. Contact Mint Builders on 07734 211958 or email mintbuilders@hotmail.co.uk


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