Professional property finder Jonathan Hopper discusses why the early months of 2023 could be the best time of year to purchase your next property
For many people the start of January is a special time filled with resolutions and hopes for the year ahead. It’s often also a time when plans are hatched for moving house. Property portals experience some of their highest visitor traffic over the Christmas break and at the start of the year – a trend that keeps rising annually, with millions flocking to websites such as Zoopla and Rightmove on Boxing Day alone.
Due to wider factors, some home movers have chosen to put their plans on hold in the final months of 2022, but as activity in the property market returns in the first weeks of the new year, buyers should be alert to the fact that waiting for the spring market could mean they may miss some of the best buying opportunities of the year.
Ahead of the crowd
Many people incorrectly assume that the property market does not really offer much in the way of opportunities until the spring, and may hold back with their moving plans for several months. However, with the increasing prevalence of discreet off-market property sales this is no longer the case.
Whilst the UK property market has been less frantic in the months leading up to the festive break, off-market property transactions continue to be active, with sellers preferring to take a more private approach to marketing their home to test the waters. Agents across the country are reporting that up to 50 per cent of their sales are currently happening this way.
In the prime property market, there remains a shortage of homes available to buy, meaning these off-market opportunities are often quickly snapped up. Those who are searching in the earliest part of 2023 will be ahead of the crowd should something suitable become available.
The hidden market
The early months of the year are often some of the busiest in terms of off-market activity, as discreet sellers explore whether there is a sales opportunity available to them without the need for a full-scale marketing campaign. The current climate is only fuelling this further.
With off-market property sales, it’s who you know that matters. These opportunities are not listed on portals or agents’ websites, meaning buyers must actively be in regular contact with selling agents to ensure their interests are registered. In many cases off-market opportunities come from varying sources, whether it’s an introduction from an architect or a wealth manager. It is a buying agent’s relationships with all manner of local industry professionals that often gains access to exclusive properties.
Buying with confidence in 2023
Despite the new year offering fresh opportunities, there are fresh challenges for buyers wanting to move in 2023. The often-conflicting data in press coverage, fast moving mortgage market, and now quite complex localised markets can leave buyers confused and lacking confidence when searching for a property. A full understanding of what’s really going on in a local property market, together with the right connections, are pre-requisite to making a well-informed and successful property purchase this year.
If you are thinking of moving in 2023 and would like further information on how Garrington can provide guidance when finding the right property, please get in touch without obligation.
