Local property expert and owner of X-Press Legal Services Cornwall and Devon, James Ferguson, predicts 2023 will see a shake-up of the property market across the region.
Ferguson predicts that a hardening market will keep the conveyancing sector busy as property owners react to the economic downturn. Property prices are expected to fall but he believes this won’t be as severe as some pundits have predicted:
“It’s going to be a very interesting 12 months for our sector,” he said. “A fall in house prices is inevitable after the highs of the past few years however, I don’t think we will see a drop much lower than 10%. Some homeowners might take a ‘wait and see’ approach to the market, while others struggling with mortgages and rising bills may be forced to sell.
“Of course, a fall in the market isn’t bad news for everyone. Those who can afford to will take advantage of lower prices, and the continuation of Stamp Duty cuts should also contribute to a steady quantity of transactions.
“There will be plenty of market movement to keep conveyancers busy and I would recommend professionals who have not yet embraced digitalisation within our sector, make the switch in 2023 to enable more efficient caseload management. Ensuring my clients have the most innovative digital products available to support transactions, reduce delays and prevent rising online fraud is vital to maintaining a buoyant marketplace across our region.”