Will the Property Market Crash in 2023?

Looking back, the UK has hardly been subject to economic stability throughout 2022, has it? There has been high inflation and, with it, increased interest rates, as well as a number of different industries striking and a continuing surge in energy prices. With all of this, it is hardly worth pretending the housing market is looking rosy and prosperous for the future; however, it also isn’t as shrouded in doom and gloom as you might think either. This article is going to look at the key questions which will go on to impact the housing market. 


Unfortunately, it doesn’t look like interest rates are going to fall just yet. That being said, there is light at the end of the tunnel as within the housing market, the majority of mortgages are now fixed-rate, meaning if there is any further impact caused by the Bank of England, any damage as a result of it will be reduced. This is beneficial as there is expected to be further interference by the bank of England in February 2023. 




It has been predicted by Hargreaves Lansdown, a business consultancy, that the Bank's current rate of 3.5% will likely increase to 4% later in 2023. Though this is an increase, it is a lot less than many people initially expected following the mini-budget panic. 


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Location: United Kingdom

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