According to recent data from Zoopla, there's been an extension in the average time taken to sell properties, increasing from 25 days in 2022 to a typical 34 days this year.
The most sought-after homes for sale in 2023 have predominantly been three-bedroom properties, marking a notable trend, and March witnessed the highest completion rates for both new and existing properties due to a surge in market activity earlier in the year.
The keyword searches on Zoopla have highlighted a shift in preferences, with 'freehold' topping the list, indicating a growing interest in properties where both the property and its land are owned. Conversely, 'leasehold' properties, owning the property for a set duration but not the land, have faced issues including fire safety concerns and restrictive ground rent clauses, affecting their marketability.
'Annexe' has also climbed in search rankings, possibly indicating a rising trend in intergenerational living arrangements. Tax benefits are available for properties with annexes, offering relief from additional stamp duty charges under specific conditions.
The property market landscape has seen transactions taking longer, characterized by more complex negotiations and extended chains. Demand for family homes remains robust, making it a competitive market where chain-free buyers willing to meet asking prices have the upper hand.
Moreover, 2023 has seen a shift in buyers' preferences, with more interest in affordable family homes or renovation projects. This shift indicates a pragmatic approach by homeowners in assessing their affordability. Additionally, there's been a surge in interest in unconventional properties like houseboats, chalets, mews houses, farms, and even a pub, suggesting diversification in property preferences.
The housing market in various regions of Britain reflects diverse affordability. While Kensington and Chelsea in London top the charts as the most expensive areas, Inverclyde in Scotland stands out as the most affordable local authority. Further regional variations are evident in house price growth, with Calderdale in Yorkshire experiencing the highest growth, contrasting with Dover in Kent, which saw a slight decline.
These trends, marked by shifting property preferences and varied regional price dynamics, reflect the evolving landscape of the British property market in 2023.