Around this time of the year the property industry and the media begin the annual round of navel gazing as they set about predicting what house prices will do in the coming twelve months.
About these predictions only one thing is certain. Most will be spectacularly wrong.
No matter how much seemingly informed opinion surrounds the headline figures there is a huge and an inescapable element of guesswork in trying to define an exact percentage of future change.
But the resulting headlines do influence behaviours so when the Daily Mail reports industry legend Harry Hill saying at the weekend that, ‘we could see 20 per cent price reductions’ you can bet that an element of the general public will take that as fact, with predictable consequences.
In fairness, Hill did also say that most homeowners are unlikely to be plunged into negative equity and he pointed out that the housing market has had ‘a brilliant run’ in recent years, so most property values remain well above purchase prices. But of course that bit didn’t make it into the headlines…
We reckon that EYE readers are as well-informed and more knowledgeable than most so here is your opportunity to be part of the collective say about where house prices will go in 2023.
We are inviting you to analyse all the available data, extrapolate the trend lines, factor in worldwide economic and political influences, and give us your considered view of by what percentage average UK house prices will rise or fall next year.
If that seems a bit complicated just wet your finger, raise it in the air, and tell us which way the wind is blowing. Or just guess.
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