With the recent rise in the Bank of England’s base rate (3.5% as of 15th December 2022) and soaring mortgage costs, it may seem like the UK property market is in hot water. However, according to our in-house expert Penny Mosgrove, CEO of Quintessentially Estates, there isn’t too much to worry about.
‘The property market continued to be strong throughout 2022,’ she says. ‘There was a slight slowdown at the tail end of 2022 due to an increase in interest rates – however, the prime and super prime markets appear to be unaffected by this and we continued to see strength up until Christmas.’
Mosgrove certainly knows the luxury property market like nobody else. She’s been at the helm of Quintessentially Estates for over eight years, and in 2022 was named one of the top twelve international and strategic property advisors by Spear’s Magazine 500 – the only woman to have earned such recognition.
We asked her to give us her expert opinion on the current status of the luxury property market as we approach the new year; read on for her advice on what to expect throughout 2023.
How easy is it to purchase a property right now?
Purchasing property in the UK is relatively straightforward, but it is really important to take the advice of an expert as there are pitfalls that having the correct sales or buying team can help you navigate. At Quintessentially Estates, we have a lot of period houses in the UK, and with houses like this, you face issues such as dampness and subsidence. It is really important to make sure you know 100% what you are buying. Getting advice from an experienced agent from the start can make all the difference – after all, you are spending the most money you probably will in your life!
What trends have you observed in the current property market?
There is a trend towards ensuring your property can be the most energy efficient it can be. This is to do with the hike in energy costs, but also due to an increased focus on sustainability. A lot of our clients are increasingly eco-conscious, so are looking for sustainable materials and renewable energy sources such as solar.
"It is really important to take the advice of an expert as there are pitfalls that having the correct sales or buying team can help you navigate."
What are the current challenges facing potential buyers and how can they overcome these?
The main issue is a lack of stock: there are, quite simply, not enough houses/flats on the market. If you buy off-market you get into the property first before it hits the open market – this is what we specialise in.
Have you got any tips for securing the best deal?
Play hard to get. Do not act too keen when you visit a property and be prepared to walk away; this will get you the best deal.
What kinds of things should a potential buyer look out for when investing in a property? Are there any pitfalls to be aware of?
Always check the basements. They are notorious for dampness and be a very costly issue. If you are buying a flat, check the building has a sinking fund – you don’t want to buy then get a £50K bill for a new roof that the previous owner didn’t help to pay for.
What trends should we look out for in the property market throughout 2023 and beyond?
You will see more clever ways of heating properties and expansions in eco-living for sure. I think there is still a big need for working from home areas in the house, which before the pandemic were a rarity.
For further advice on buying, selling or renting a property, please contact Quintessentially Estates.