The UK property market in 2023 has been a rollercoaster ride for many. The market has gone through a lot of ups and downs, and it’s not surprising that people are feeling a range of emotions. In this blog post, we will explore the stages of grief and how they relate to the UK property market in 2023 and, what stage we are at now.
Denial In the early part of 2023, many people were in denial about the state of the UK property market. Despite the fact that house prices had been falling for some time, many people believed that the market would bounce back. Unfortunately, this was not the case, and the market continued to decline. I will never forget, in December 2022 I asked The Managing Director of one established property investment agency I worked with what his predictions were for the housing market, and he blindly predicted inflation falling, interest rates reducing and prices rising again by March 2023. A ridiculous state of denial, and clear evidence of the lack of any UK property market experience.
Anger As the year progressed, many people became angry about the state of the UK property market. Homeowners who had seen the value of their homes plummet were understandably upset, and many blamed the government for not doing enough to support the market. Estate agents and property developers were also feeling the heat, as the number of sales continued to fall.
Bargaining As the UK property market continued to decline, some people began to bargain. They hoped that if they lowered their asking price, they would be able to sell their home quickly. Unfortunately, this strategy did not work for everyone, and many people were left with unsold properties.
Depression By the middle of the year, many people were feeling depressed about the state of the UK property market. The number of sales had fallen to its lowest level in over a decade, and house prices were continuing to fall. Many people who had hoped to sell their homes were now resigned to the fact that they would have to wait until the market improved.
Acceptance Towards the end of the year, many people began to accept the state of the UK property market. They realized that the market was unlikely to improve anytime soon, and that they would have to adjust their expectations accordingly. Some people decided to hold onto their properties, while others decided to rent them out instead.
In conclusion, the UK property market in 2023 has been a difficult one for many people. The market has gone through a range of emotions, the stages of grief from denial to acceptance. While it’s impossible to predict what the future holds, it’s clear that the UK property market will continue to be a topic of discussion for some time to come.
So, what stage are we at now?
Having been directly involved in the property market for 35 years, having been through numerous downturns and recessions, those same old signals are there for you to see. Signals that things are changing, that positivity and confidence is returning, meaning the real opportunities of taking advantage of a downturn in the property market are disappearing. The stages of grief have been done.
If you are looking at investing in property and would like to benefit from the 35+ years of experience (not combined, actual years) then please feel free to get in touch to have a chat without any obligation about anything property related. Call us 0n 0208 144 6222, email us at info@cityandcountrywide.com or you can always use WhatsApp
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