Predictions are hard to make, and they got harder after the unforeseen and unexpected COVID-19 rampage that dramatically changed the world. The situation of the property market in the UK is somewhat similar. It’s hard to predict what 2023 has in store for us after the rather turbulent experiences of 2022.

Yet, some experts have put their necks out and made some predictions for 2023. The best ones are listed here:

Agent Regulations - As Always, The Government Will Make Only Noises

In 2023, there is little progress expected on the issue of agent regulation. Governments in the past had promised agent regulations, but these recommendations didn’t become law. The present government also doesn’t appear serious about agent regulations, and it will not be a priority for a government that has a lot on its plate to handle.

Planning Deferment - A Likely Repeat

When the Tory MPs opposed the 2021 planning bill, Michael Gove led the government’s retreat. He was the then Housing Secretary. That’s why his choice as the present Secretary of State for Levelling Up, Housing, and Communities seems to be an inspired one. It seems that Prime Minister Sunak wants Gove to lead the next planning backtrack. In 2023, the government can be expected to bend back to the rebellions that the Tories have planned for the year. People can also expect fewer house buildings in 2023 than in 2022.

Repossessions Situation - May Change For The Better

The 1990s move to repossess many homes backfired badly on mortgage firms. The strict lending terms also affected business volumes adversely. Once bitten, twice shy – this is unlikely to happen again. Given the prediction of a relatively stable economy in the new year, lenders are more likely to reorganize and think less about repossessing. In 2023, people can expect more customization in lending plans and extended lending periods for homeowners. There is also a strong possibility of repayment holidays coming back as they did in the early months of the pandemic.

Base Rate Will Rise But Expect Surprises

There are forecasts from experts that the base rate will increase to five percent from the existing three percent during the latter half of 2023. The signs of a stable economy may not be apparent now, but we are certainly moving in that direction. Statistics show that the five-year mortgage rates have slumped from 6.5 percent to six percent from October 2022. The two-year mortgage rates are also down but slightly. The prediction is that things will not be as bad as feared a few months ago.

Rental Reform Bill Hill Become a Reality

With the abolition of Section 21, the Rental Reform Bill will be introduced into Parliament soon. What’s more, it will be fast-tracked to impress the young tenants and win their votes.

There is also a fair likelihood that the other elements be subjected to lengthy discussions and may not become law until after the next General Election.

The Last One Is Not So Good News…

There Will Be Job Losses in 2023

Unemployment will continue to haunt the youths and those looking for meaningful jobs in 2023. Most suppliers are trimming their staff, and many independent agencies are also following suit. It might make the industry appear leaner, but unemployment can leave families and individuals devastated. Sadly, the truth is that job loss will happen throughout 2023. This is one prediction that many hope will go wrong.