At JW Wood Estate Agents, we're thrilled to share some uplifting news about the property market in 2023. Despite initial predictions of a 10% decline in home values, the reality was much brighter. Here’s what actually happened:

Key Takeaways

• 3 in 5 homeowners saw their homes hold their value or rise by an average of £7,800 in 2023.
• 1 in 10 homeowners experienced a value increase of 5% or more.
• Greater gains were seen in affordable areas like the North West, while homes in the South saw some fluctuations.

Contrary to the gloom and doom predictions, more than half of UK homeowners (56%) enjoyed stable or increasing home values in 2023. The average increase for those whose home values rose was £7,800. Additionally, 1 in 10 UK homeowners saw impressive gains of more than 5%, equivalent to £17,200.

Regional Highlights

• North West: Led the way with the highest proportion of homes registering value increases of 5% or more.
• Scotland: 16% of homes saw value increases of 5%+, with apartments leading the gains.
• North East and Yorkshire and the Humber: Joint third in value gains, with 1 in 7 homes increasing by 5%+.

Types of Homes

• Semi-detached homes and terraces proved to be excellent at holding their value in 2023.
• Larger value gains of 5%+ were enjoyed by 1 in every 10 UK properties, showcasing the resilience of the market.

Looking Ahead to 2024 We forecast modest house price adjustments of around 2% in 2024, which signals continued stability. The impact will vary by region and property type, with high-value areas in the South potentially seeing minor declines. However, terraces and 3-bed houses are likely to hold or increase in value, continuing their strong performance.

In 2023, while overall UK house prices showed some minor adjustments, our data reveals that 3 in every 5 homeowners saw their home values hold or rise, demonstrating the resilience and strength of the UK property market.

We are excited about the opportunities that lie ahead and are here to support you every step of the way in your property journey.

Adapted From Zoopla