Here is Your Alliance Property Group Market Review Q1 2023

Gordon Campbell

6^th March 2023

“Do Not Wait To Buy Property, Buy Property and Wait”

There is no recession in the UK.

There are some economic headwinds and challenges, as there is all over the world.

Whilst the headlines remain doom and gloom over the housing market and the economy, the reality is that the key metrics of housing supply and demand are in line with the pre-pandemic averages (2017-2019). 

In fact, demand is currently 8% higher on a like for like basis. 

With mortgage interest rates falling and the FTSE at record highs it seems very few news outlets are reporting these numbers.

Whilst interest rate rises and the cost of living crisis caused a shockwave in Q4 resulting in slower sales rates, underlying demand for housing continues to remain very strong. 

It is simply a matter of timing and budget for buyers as they look to manage personal finances and consider product mix to meet affordability.

It feels like we have returned to a more balanced housing market, following nearly 3 years of demand fuelled by a high octane mix of low cost of borrowing, stamp duty holidays, HTB and an underlying desire to reassess our homes. 

February 2023 House Price Index

Scotland has the highest performing monthly price increase and the 3^rd highest year on year in the UK.

Why?

The economic underlying economic trends are still strong.

People are still spending.

Population is growing.

And in property, there is more demand than supply. There always will. That will not change.

The current economic headwinds, that is not a recession, is not affecting the property market.

House prices in Scotland, especially Glasgow are continuing to rise.

Rental demand and new properties coming to the market are seeing a large increase in rent values.

We had a 3 month blip where confidence in the market dropped but it sure has bounced back.

What’s speeded up here is the widening of the wealth gap.

Buy property now.

Buy property for your children.

House Prices Are Set To Quadruple in a Generation

In 5-10 years time a first time buyers ability to buy will be almost out of reach for the average person.

That will mean a nation of renters.

The only question is who is going to be the landlords?

Will you be one of them?

Let us help you achieve wealth and income through our 40 years’ experience and expertise as investors and landlords, giving you access to our exclusive off market and below market properties, our power team, holding your hand at every stage of the process, and building long term relationships.

Thank you for reading.

Alliance Property Group. Making a Difference.