So, another year draws to an end and what a year it’s been. For us it has been one not without challenges but it has ultimately been a highly successful one which has seen the practice record a 12% increase in turnover and record our most successful year since our inception in 2006.
As is always the way in life, one doesn’t get long to bask in the glory of one’s successes and after we’ve all had a well-earned rest – our phenomenal year is very much a team effort with everyone playing their part – we’re anticipating 2023 being a year with perhaps a few more challenges for the property market with volume contracting a little and prices edging back by between 5 and 10% dependent upon property type and location. For example, we don’t expect the price of bungalows to drop by much if at all due to their being relatively scarce and much sough after by an aging population. On the other hand, large four bedroomed detached family homes in Duloch we expect to see fall back a little from why were, frankly, some pretty frothy prices being paid in the first nine months of 2022.
There is, we are delighted to note, if not a feeling optimism within the ranks of property professionals and the house buying public, certainly a less gloomy view than was the case two or three months ago. In terms of context let me say that we here at maloco + associates appreciate the cost of living crisis is very real and would never seek to belittle the challenges the poorest in our society face nor would we pretend other than as the recession bites some will lose their jobs and face difficulties.
As for why the mood has gone from “Imminent Armageddon” to “We’ll get through this, it’s not so bad …” it has to be said we owe a debt of gratitude to the Truss/Kwareng experiment! By this I mean a tenure which was so ill-judged and poorly handled that without doing a huge amount Sunak and Hunt have managed to calm the money markets and, as a consequence of moderating fixed rate mortgage deals, create a greater sense of calm with the hose buying public also. With inflation looking as if it has peaked and interest rates no longer predicted to keep rising towards the 5% mark, a sense of quiet resignation to our short-term fate has descended tempered by a recognition that the pain will be worth it to squeeze out inflation and that it will be shorter in length than was predicted.
