It’s fair to say that there’s a lot of gloom around the housing market right now. But 2023 could provide ideal opportunities for first-time buyers (FTBs) to get on the housing ladder.
Most experts are predicting significant price falls in 2023, which would be the first time that house values have dropped for many years. The biggest slumps are expected in the south of England, where prices are higher.
With a downturn on the horizon, sellers have already started accepting offers on average 4% below asking price1. Doing so could save the average buyer roughly £10,500.
Flats provide value
Another opportunity for FTBs is the comparative value of flats. For those looking to purchase their first home, flats often offer the best value for money – and the price differential between houses and flats is now at its highest for 20 years across most of the UK.
In London, for example, the average house costs 1.7 times more than the average flat, compared to 1.4 times a decade ago.
Play to your strengths
As a first-time buyer, you have the advantage of flexibility. From the seller’s view, the lack of an onward chain and the ability to progress quickly mean that FTBs make appealing buyers, especially in a softening market.
If you’re looking to buy in 2023, we’re here to help.