Nesbits Review of 2022
|Published: 21st December 2022 15:07
Head of Residential Sales, Robin Evans reflects on 2022 as the year comes to a close and shares some of his thoughts on what 2023 may have in store for the housing market…
Despite the seismic consequences of September’s budget (mini in name, maxi in its effect), 2022 saw an uplift of around 13.25% in the firm’s sales earnings as against the previous year. Nesbits saw a solid overall performance with a number of near-£million deals with no real threat to the long-standing, individual record transaction of £3.2 million back in 2018.
In March, we saw the highest number of sales tied up and, in contrast, October saw the lowest. Interestingly and perhaps of no real surprise to seasoned property professionals, the impact locally of the Autumn’s wider economic downturn was rather less dramatic than had been predicted. The downward pressure upon asking prices was rapidly evident with online portals being quick to display reduced asking prices at a frequency not seen for a long time.
This resulted in earlier optimistic positioning upon pricing no longer being rewarded, and a not entirely unwelcome correction in the eyes of many.
What will 2023 have in store for the property market?
Those with long memories will be well-aware of the property market’s resilience. The industry has often had a mystifying ability to seemingly set itself apart from the broader economy, in part at least if not fully.
I expect 2023 to be a challenging year but also a rewarding one. I believe continuing demand from buyers, set against a continuing shortfall in housing stock, will fuel the property market and off-set some of the negative factors.
Buyers with a short-term outlook may feel reluctant to venture forth in the face of perceived financial risk. Others who are more experienced may be less easily deterred and perhaps play the longer game.
No property professional has a looking glass into the future to see what 2023 holds but my personal view is that if a property is the right price and has the right Estate Agent involved, it will sell. In an ever competitive market, next year will see a greater need and importance attached to the bringing together of these key factors.