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Worst time to buy a house in 150 years

Journalist: Jake Carter, Mortgage Introducer

ended 07. March 2023

Research from asset management company, Schroeder, has found that 2023 is the worst year to purchase a house in 150 years. 

Housing affordability currently stands at a level not seen since 1876; how do you believe the market could return to better days?

What support do you believe the government could offer to improve market conditions for consumers? 

Do you expect the picture will be brighter by the end of the year?

4 responses from the Newspage community

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Riz MalikVerified
Independent Financial Adviser at R3 Wealth
Any housing market support measures should be aimed squarely at first-time buyers. The simple answer to solving the problem is to increase the number of starter homes. For this to happen the planning process needs in the UK needs to be relaxed considerably. Simply ask Jeremy Clarkson. We also need the churn in Housing Ministers to end so they can see policies through to fruition.
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Samuel Mather-HolgateVerified
Independent Financial Adviser at Mather and Murray Financial
The government have gone AWOL when it comes to housing. At a time when house building it at the lowest levels seen for 75 years, and that’s off a very low base, the government have no incentives for either house builders of first time buyers. This is a disgrace. The government have scrapped any home building targets and don’t seem to care about the massive housing shortage in the country. First time buyer schemes and schemes for more affordable housing have been scrapped and not replaced. It shows this massive issue isn’t a priority or is too big for them to handle. It’s time for new ideas in Downing Street.
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Graham CoxVerified
Director at Bridging Hub
The premise that higher house prices equal better days doesn't make sense to me. The best support the government could provide at this stage is to do nothing. Because every time they do intervene, every time they introduce a new first-time buyer scheme, or stamp duty holiday, or heaven help us, make sweeping economic changes, everything goes to hell in a handcart. To know what the best thing for the housing market is, just look at every related government policy over the last 13 years, and then do the exact opposite.

Just sit tight. Do nothing. Let house prices fall. And guess what, at a certain point they'll become affordable again
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Alastair HoyneVerified
CEO, Finanze Capital at Finanze Capital
Buying a house in 2023 is no easy feat. For years now many have struggled to get on the property ladder and the average first time buyer age ever increasing currently at around 33. It is hard to say how the market can return to better days as the main issue is due to property prices being such a higher multiple than the average yearly salary. I do not think there is a standalone solution here that will solve things but instead a combination of factors such as increasing minimum wage, keeping a cap on energy price rises and putting a cap on base rate rises so consumers have more money in their pocket to put towards a deposit for a property. I think the picture will be brighter by the end of the year but still not as bright as it could be.