Results of a webinar poll suggest what they want to happen next year
The majority of property professionals wished for interest rates to decrease in 2023 when asked what one wish they have for the UK property market next year.
The results of a webinar poll undertaken by Countrywide Surveying Services (CSS), a supplier of valuation panel management services, showed that six in 10 (60%) of those working in the property industry opted for decreasing interest rates as they look forward to 2023.
Around 17% wished for the cladding dispute to be resolved, while 13% yearned for a deposit solution for first-time buyers. The launch of an alternative to Help to Buy commanded 5% of responses, while 3% would like a delay in EPC regulation and 2% sought increased funding for lending.
These responses emerged during CSS’s final webinar of 2022, attended by over 300 people consisting of lenders, brokers, surveyors, and other property professionals.
A further poll, taken during the webinar reflecting on the outgoing year, revealed that half the audience (51%) thought existing homeowners with no mortgage had it best in 2022. This was followed by 22% who suggested that existing homeowners who had held a mortgage for over 10 years and/or with less than 15 years to go had it best in 2022.
“2022 has certainly been a rollercoaster year for the housing and mortgage markets,” Matthew Cumber (pictured), managing director at Countrywide Surveying Services, commented. “However, it’s encouraging that confidence levels remain healthy, and its little surprise to see interest rate reductions topping property professionals wish lists for 2023, as this would help activity levels remain strong and demand high over the course of year.
“There is a good chance that the long-running cladding issue could be resolved in the new year, and this will release ‘cladding prisoners’ who have inadvertently suffered through no fault of their own. The culmination of this long-running saga will also provide a further stimulus to the housing market by allowing these homeowners to upsize and create more affordable opportunities for first-time buyers where possible - a series of events which has to be a positive shift for all concerned.”
