Sowerbys confident in 2023 market as January defies national property predictions

Sowerbys confident in 2023 market as January defies national property predictions hero

Over the years Norfolk has proven to have a very robust property market and the demand for homes in the region remains strong at the beginning of 2023.

Property viewings with Sowerbys are up 4% on the same time in 2022; property valuations are also up by 9%.

It comes as Rightmove revealed buyer demand is up 4% versus this time in 2019 and 55% compared with the two weeks before Christmas – the biggest New Year bounce since 2016.

Will Lightfoot, Sales Director, said:The acceleration of people working remotely since the pandemic hasn’t changed, so being restricted to living in the more expensive London’s suburbs is no longer a necessity.

“We continue to see more people looking further afield to Norfolk with its direct rail link to the capital.

“As well as people relocating to Norfolk another trend, we expect to see in 2023 is Norfolk downsizers; people living in older, larger properties that are expensive to run and maintain will be tempted to downsize and purchase a home that is more energy efficient. For that reason modern properties, bungalows and new build homes will be a popular choice.”

Will added that the first 6 months of the year will be trickier for up-sizers and first-time buyers due to higher interest rates, however when these begin to fall in the latter half of 2023 it is expected there will be a surge of new buyers in the market.

Will said: “The market remains busy; there is a still a serious demand for properties in Norfolk and we see this year not as frantic as the last couple of years, but still as healthy.

“As a result, we expect there to be more availability for sale this year, so although this means more competition if you are selling, it also means far more choice if you are looking to move.

“Choosing the right estate agent to sell your property will be more important this year.

“In the past few years, the buoyant market saw homes sell themselves.

“Today, the agents which deliver the best marketing and have a proactive approach will be the ones which enjoy the most success.”

Please visit our website to book a valuation with us or chat to our team who will be more than happy to help.