The UK's housing market is a dynamic entity, constantly pulsating with new trends, shifts, and events. The past two years have been no exception, with the market witnessing significant events and transformations. Let's take a moment to reflect on the property pulse and encapsulate the key highlights from the 2022-2023 housing market.
One of the most defining trends of the past two years has been the steady surge in property prices. The average house price swelled to £406,296.69 in 2023, underscoring the buoyant state of the market.
Terraced houses emerged as the top choice for many buyers. With their unique blend of design aesthetics and community living ethos, they dominated the market in sales, establishing themselves as the preferred property type.
Modern homes, or new builds, have seen a surge in popularity. With nearly 943K sales, they've overshadowed older properties, suggesting a shift in buyer preferences towards contemporary, state-of-the-art homes.
The UK's aspiration for complete ownership was clearly reflected in the sales figures. A staggering 770,573 freehold properties were sold, highlighting the undying appeal of permanent ownership.
In the maze of localities, Middleton stood out, registering 1,187 property transactions. Its blend of amenities, community spirit, and strategic location made it the top locality for property sales.
The 2022-2023 housing market has been a tapestry of trends, shifts, and highlights. From price surges and property type preferences to the dominance of new builds and freeholds, the market has offered insights into the evolving aspirations of buyers. As we look ahead, these trends and highlights will undoubtedly shape the future trajectory of the UK's housing market.