Buying a Property in 2023: What You Need to Know

Buying a new home is a big step that comes with lots of considerations. Finding the right property in a good location at a price you’re willing to pay isn’t always easy and can take time.

Buying a Property in 2023: What You Need to Know
But when you finally move into your new place to start the next chapter of your life, all the hard work is worth it.
 
Here are some factors to consider if you’re considering buying in 2023.
 
Shifting market
 
The property market has made headline news recently, but it’s important to remember that nothing happens in isolation. When interest rates change, so too does property price growth.
 
For example, 12 months ago, most buyers had no trouble securing a low-interest-rate mortgage but found sellers weren’t budging on asking prices. Skip forward a year, and the mortgage landscape is much tighter, but there’s more wiggle room on price.
 
It’s important to focus on the bigger picture (after all, the average person in the UK spends 21 years living in the same property*).
 
Affordability 
 
Saving for a deposit, working out what you can afford, costs of a mortgage, stamp duty… none of these things have changed.
 
It’s important to do your homework so you know how far you can stretch yourself. Work with a mortgage broker to understand the financial commitment you’ll be making if you choose to buy in the coming months.
 
Demand for housing is strong
 
The UK has a chronic undersupply of housing to buy or rent (and has had for years). This is one of the reasons why the Office for Budget Responsibility predicts prices will grow again in 2025. Long-term property is still a reliable investment.
 
Hunt down a bargain
 
In response to changing interest rates, some property owners, particularly buy-to-let landlords, may have decided to sell. If they’re looking for a quick deal, you may be able to negotiate a good price, especially if you’re a first-time buyer and aren’t in a chain.
 
Strong position
 
While any offer you make needs to be realistic, in the current market, you might be able to avoid things like bidding wars and competition from other buyers.
 
If you’re looking for a new property, contact the team at Grey & Co – we’re ready to help.  
 
 
* Zoopla

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Meet Abigail

  Hello, my name is Abigail, and I am the Grey in Grey & Co. I started working here in 2002 as a Junior Negotiator and have worked my way up the ranks since then. I took over running the company in 2014 and have been enjoying the roller coaster that is leadership ever since.   During my 20 plus years at Grey & Co I have dealt with the sale of over £100,000,000 worth of property and overseen the management of assets worth £250,000,000 for clients around the world.   I also had the pleasure of working with my father, the founder of Grey & Co, for 15 years before he sadly passed away and from him, I learnt the work hard ethic and our values today are still the ones that he founded the company on all those years ago.   Be Remarkable, Be Passionate, Be Humble and Be Better.   As a community centric boutique family agency, you couldn’t find a better partner to take with you on your property journey.

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