🏠📉 First-time buyer numbers plunged after the mini-Budget spooked mortgage market
, leading to low product availability, higher borrowing costs and a slowdown in house price growth among other things.
“Coupled with the absence of a stamp duty holiday last year, these factors may mean this latest forecast is unsurprising, but it still shows that demand from first-time buyers remains strong, even withHe said the supply shortages of homes at all stages of home ownership will continue in 2023 “helping to maintain house prices”.
The YBS calculations were made using data from the trade association UK Finance up to October 2022, with the November and December transactions then being estimated by YBS.in the year ahead – although this drop would not be sufficient to wipe away all the gains made in recent years. Nationwide Building Society expects house prices could edge down by around 5 per cent in 2023.
This is in stark contrast to other expert forecasts which draw comparisons between now and the 90s housing downturn, when up to 1.8 million households were in negative equity.
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