UK property markets will hopefully flatten out in 2023, according to a property expert as the country left behind an unsteady year in which prices went up and down.
In the last year, rising mortgage rates and costs of living added to the enduring effects of the coronavirus pandemic, not only on house prices but on the entire property market.
Though the housing shortage and demand are still high, this year is expected to at least not be as bad as 2022.
Speaking to Anadolu, Shadot Miah, lettings director at Hunters Estate Agents in London, said the property market was “up and down” last year for them.
“Last year, we experienced a very quiet first quarter. The second quarter, it was picking up and the last quarter was absolutely busy.”
He said that the main problem was stock issues, especially towards end of the year, as people were coming back to Britain after easing the pandemic measures.
“Everyone started to come back in London,” said Miah, who has 20 years of experience as a real estate agent.
Another factor in the shortage was the longer-term contracts made during the pandemic, as uncertainty drove agents to make contracts of two or three years between tenants and landlords.
In October 2022, private rents in the UK hit record highs, with rises of up to 20% in some areas, while the total number of available properties fell by 9%.
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