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What to Expect When Buying a Property in 2023?

Thu 05 Jan 2023

Kerry Adamowicz, Managing Director

What to expect when buying a property in 2023? Buying a home is a significant financial commitment, especially after the last two years of record-setting home prices. But 2023 could prove to be the best year yet to start your move through the Buckinghamshire property market due to an expected gradual drop in prices and interest rates, as well as a long-awaited switch to a buyer’s market.

 

Will House Prices in Buckinghamshire Drop?

Interest rates have soared throughout 2022, which meant we saw a sharp decline in property sales. Following this, analysts have forecast that the total number of home sales will decline again in 2023 to around 4.47 million – a 20.7% decrease from 2022.

House prices can and do vary by region. That’s why we recommend contacting a local Buckinghamshire estate agent who can give you a realistic idea of what to expect in your desired location.

 

How will Mortgage Rates Behave in 2023?

House prices are, of course, a very important factor for homebuyers to consider, but how will mortgage rates compare in 2023 against previous years? The short answer is that we don’t yet know for sure. Some experts have predicted mortgage rates to fall slightly by at least 6.6% at the beginning of 2023 and to decline continuously to 6.2% by the end of the year.

Our advice in securing a low-interest mortgage in 2023 would be to:

  • Shop around for a loan
  • Save for longer to build a larger down payment
  • Improve your credit rating
  • Lower your debt-to-income ratio
  • Limit your exposure to high-interest rates by locking in a rate as quickly as possible. Some lenders will offer a payment option to lock in this rate for a longer period.

 

Buying a Property in Buckinghamshire 

If you’re determined to move within the Buckinghamshire area, another important step to consider is the type of property you are looking for that suit your needs. We recommend making a list of your requirements and the most important factors for you and your family.

Once we have a clear picture of your requirements, we will recommend properties that match your criteria. If nothing is immediately suitable, we will keep your details registered and continue to look out and alert you as soon as a suitable property becomes available! For more information, visit our dedicated buyer's page and browse our available properties here.

 

Make your Move with Mortimers 

Are you looking for an estate agent in Buckinghamshire? If you need a helping hand moving through the property market, contact the Mortimers team today on 01296 398555 or enquire through our contact page.