Reflecting on 2023

A year of change & adaptation in the Property Market & the road ahead.

 BY JACK JOWETT, MANAGING DIRECTOR
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As we approach the end of 2023, it’s a fitting time to reflect on the dynamic and transformative year that has unfolded for the property market. I am delighted to share our insights into the events that have shaped the industry and our experiences as a local independent business and Estate Agency.

One of the most notable aspects of this year has been the series of interest rate hikes by the Bank of England. Between 2021 and 2023, we witnessed 14 interest rate increases, elevating the base rate from 0.1% to 5.25%. However, the last three meetings brought a welcome reprieve as the Bank of England decided to maintain the rates. This decision comes in response to inflation, which, at 3.90%, is now much closer to the target of 2% than the approximately 10% we saw just nine months ago.

The impact of these economic shifts is evident in the housing market. According to the most recent data from the Nationwide House Price Index, from Q3 2022 to Q3 2023, house prices have, on average, decreased by 5.4%. This decline in prices, while reflecting the challenges of the broader economic landscape, may also present opportunities for prospective buyers.

Looking ahead, we eagerly anticipate the release of the House Price Index data for Q4 2023, scheduled for early January 2024. This data could serve as a crucial indicator of the direction house prices may take in the coming year. As an agency deeply committed to providing accurate and insightful information, we understand the significance of staying informed about market trends.

While 2023 has been a challenging year for the property market, it has also been a year of growth and adaptation for Abshot Estates. Our commitment to serving the local community remains unwavering, and we look forward to navigating the evolving landscape in the year ahead.

One of our proudest moments was supporting the Locks Heath Infant & Junior Schools Summer Fete back in June.  This community event, held annually, is a beloved occasion that brings together residents, families, and businesses to celebrate and support local schools.

The “Release the Beast” game became a focal point, encouraging participation and creating an atmosphere of fun and community spirit. The funds generated from our stall contributed directly to supporting the educational initiatives and programs of both Schools.

It is through such collective efforts that we can truly foster a sense of community and make a meaningful difference in the lives of those around us.

In addition to our community involvement, we are ecstatic to announce that Abshot Estates has achieved national acclaim by securing the prestigious “Exceptional” award at the EA Masters London 2023. Moreover, for the second consecutive year, we have been honored with inclusion in the Best Estate Agency Guide. This recognition places us in the upper echelon of estate agents nationwide, affirming our position among the top 5% for excellence in both sales performance and customer satisfaction.

As we stand on the brink of a new year, Abshot Estates extends our heartfelt wishes to our cherished clients, esteemed partners, and the entire community.

As the calendar turns to 2024, we wish you a year filled with prosperity, good health, and the realisation of your dreams.

If the thought of embarking on a new journey, perhaps a change of home within the local area, has crossed your mind, Abshot Estates stands ready to assist you. Whether you’re looking to buy, sell, or rent a property, our dedicated team is here to guide you through the intricacies of the process.

Whether it’s finding your dream home, securing a profitable investment, or facilitating a smooth transition, Abshot Estates is committed to ensuring your goals are not only met but exceeded.

From our Abshot Estates family to yours, we wish you a wonderful holiday season and a Happy New Year.

Jack Jowett

Jack Jowett | Managing Director