Buying & selling in Bognor Regis & Chichester: what to expect in 2023

Another 12 months have passed and one thing is for sure, the property market in Bognor Regis and Chichester looks very different to what it did at the end of 2021. Among some more negative economic headlines is good news, because in any kind of market, there are always opportunities.

Ending 2022 on a high

Despite the third quarter of 2022 seeing a dip in property sales and new instructions, this was to be seasonally expected and was compounded by confidence levels still recovering from the mini Budget aftermath.

Come October 2022, falling sales numbers start to recover and successful sales pick up in numbers. From November onwards, this growth continued and stock increased, with mainly serious buyers putting in offers and giving vendors the confidence that transactions would proceed.

House prices have stabilised

The rate at which house prices rose slowed dramatically in 2022 but pockets of rising value will remain in 2023. So, what will happen in the coming months? A home worth £400,000 is now selling for £400,000, as opposed to buyers entering a sometimes vicious bidding war and artificially inflating prices.

Both buyers and sellers should also remember that house prices are relative. If you achieve slightly less for your property in 2023 than in the frenzied peak of the last three years, you’ll also likely be making a saving on the property you are buying.

Moving mania has been replaced

The manic market witnessed during the pandemic has passed and we have returned to calmer, more traditional trading conditions, which is good for everyone’s sanity! As 2023 progresses, there will be less pressure on buyers to make snap offers in fear they will lose a property and threats of gazumping will be greatly reduced. The by-product of a buyers’ market is being able to provide sellers with offers from serious purchasers, many of whom are strongly motivated to proceed on a needs – and not speculative - basis.

Mortgage rates in recovery after a sharp shock

Since the Government’s Autumn Statement, lending rates have also started to stabilise. Even though current rates attached fixed mortgages feel high – thanks to an unprecedented era of historically cheap lending – they are actually at ‘normal’ levels. While we expect a few buyers to postpone purchasing plans in the short term, they won’t have to wait long to start their search.

Mortgage rates have already started to come down and are predicted to fall even further during 2023 – especially as experts feel inflation (and maybe even the Bank of England’s interest rate) has peaked. Those who are not dependent on mortgages, including cash buyers and an older demographic, will help drive the moving market in the early part of 2023.

Property stock: almost a status quo

When comparing 2022 with what’s to come in 2023, the only noteworthy difference will be the diversity of property types coming onto the market, with fewer high-end, £1 million+ properties.

Savings for first-time buyers

In 2023, it’s likely first-time buyers will stand a better chance of securing their dream home for a more realistic price. Mortgage repayments may be slightly higher but on a monthly basis, it will probably be lower than renting a comparable property.

Chichester property market

Chichester remains one of the most desirable places for people to live, and to relocate to, and there is good news for movers who have set their sights on the city. In 2023, White & Brooks expects to see a diverse range of properties become available and already, our stock is up around 20%. Of note is the demographic of buyers. Movers will likely be older purchasers, perhaps those considering downsizing and families with older children, and they will enjoy more choice and less competition for property in Chichester.

Bognor Regis property market

Bognor Regis is a popular location among families, offering great value-for-money when it comes to the cost of property per square foot. Three- and four-bedroom properties are aplenty in the coastal town right now, as are bungalows, which offer double the space for the price compared to nearby Chichester. There are many needs-based sellers and motivated buyers in Bognor Regis, so White & Brooks’s instructions have doubled recently.

If 2023 is the year you sell your current property and look for a new home, White & Brooks is here to help. Contact us to start receiving a totally personalised service tailored exactly to your circumstances.