Residential property trends in Q4 2022
A market on hold
New reports on for Q4 in 2022 for the housing market has as expected slowed down. Our data shows a market on hold as movers wait for the New Year to take action.
Listing volumes in Q4 remained at just 6% below 2019 levels in England and Wales and 4% below in Scotland. Moreover, those home movers who had financial flexibility and were committed to moving in the first half of 2023 were able to complete, with Q4 completion volumes remaining steady with that of Q3 2022. This is good news, though to maintain a stable market, pipelines will need to be replenished in Q1 and Q2 of 2023.
SSTC and search volumes were subdued, however, likely due to the combined impact of affordability, inflation, and interest rates.
Heading into 2023 with confidence
It was expected that Q4 data would reflect the lingering impact of the cost-of-living crisis and September’s fiscal event. The response from the financial markets was immediate. However, many of the lenders are now testing the market with new mortgage offers released at the start of this year. We anticipate a different picture again when it is time to analyse the full Q1 of 2023.
Indeed, with a general election 12-to-18 months away, we are not expecting bold changes in fiscal policy over the next year and markets will take heart from a period of relative stability.