If you’re keen to move in 2023, you might not think of putting your home on the market now. But property launched at the beginning of the year can attract high levels of interest and steal a march on the competition.

Equally, many will be wary given forecasts for the direction of house prices in the year ahead and the scarce availability of competitively-priced finance. However, the outlook for certain locations and types of property may be brighter than you suppose.

Here are some tips to help get you moving:

Setting your goals

Keeping an open mind will pay off in 2023. This will be true whether you are upsizing, downsizing or merely want to be closer to schools or transport. You may have formed a clear picture of the property you want, but a conversation with an experienced and knowledgeable agent may suggest something slightly different that could suit you better.

A measure of flexibility should also pay dividends. Given the economic backdrop, buyers’ budgets are likely to be less flexible and realistic pricing will be key to achieving a sale. Your local agent will be able to advise on the prevailing market conditions in your area.  

But those who are serious in their search, often those who really have to move for family reasons, will realise that they need to negotiate in a sensible fashion. 

In a similar way, if you have found the home that you wish to buy, beware of the risks of hesitation and playing bidding games.

Even in this digital age, a For Sale board is an effective way of promoting a property (if your area permits it).

Doing the groundwork

Preparing the paperwork for a move matters more than ever since it may allow you to take advantage of opportunities that suddenly arise.

Work out the cost of relocation, including estate agency fees, solicitors’ costs and stamp duty. Assess how much a larger property will cost to heat – the Energy Performance Certificate (EPC) will give some hints.

Hiring a well-recommended solicitor tends to be worth the money. They should be more adept at easing the process if difficulties arise in a chain of buyers and sellers.

A good mortgage broker, with knowledge of the offers available from all lenders, should be able to secure a better loan deal for you. Mortgage rates have softened slightly, following the sharp increases that followed the mini-Budget. The days of easy money may be over, but lenders will be keen to attract business.

To speed up a sale, gather together copies of your utilities bills and any other documentation that your solicitor says will be necessary.

Getting ready for your close-up

The adage that you never get a second chance to make a great first impression holds true in any market.

Before viewings, take time to consider your property’s kerb appeal, including the look of the front door and any window boxes.

Your aim should be to show off the space in your home, suggesting the ideal lifestyle, while also allowing people to imagine themselves living there. You need not go to huge expense, but decluttering and sorting out scuffed bits of paintwork are key.

Whatever the size of a property, it becomes more appealing if light-filled, which means that you may need to reorganise your lighting. Wall lights enhance corners, while pendant lamps emphasise a high ceiling. Use a mix of floor lamps and table lamps and bounce light off a mirror. 

The outlook for prices

Despite forecasts of substantial price falls for all homes, the reality may be more nuanced. It is likely, for example, that affordability constraints will mean that many buyers will struggle to obtain mortgages. Others who have considerable equity in their existing property should be able to secure finance. It is expected that the number of cash buyers could rise: a large number of people own their home outright, without a mortgage. 

Commentators are predicting a more pronounced hyper-local market in which certain property types and streets outperform others. Savills research forecasts that the average price could fall by 10 per cent in the mainstream market. The prime markets should perform better than most, because buyers tend to be less mortgage-dependent. Prime central London and outer prime London are predicted to drop by two per cent and seven per cent respectively, with a downward move of 6.5 per cent in prime markets outside the capital.

However, recovery is expected from 2024. We are forecasting 2024-2027 compound growth of at least 14 per cent across all prime markets, and any price falls should also be seen in the context of the significant gains accrued since March 2020.

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Further information

Contact Liza-Jane Kelly

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