What’s on the Horizon for Residential Property Law in 2023?

In 2023, we can expect to see increased use of technology in the real estate industry. From virtual property viewings to digital signatures, technology is making it easier and more efficient to buy and sell homes. We can expect to see even more use of technology in the coming years, as it becomes increasingly integrated into every aspect of the real estate process.

Another trend to watch is the growing importance of sustainability in the real estate industry. As climate change becomes an increasingly pressing concern, there is likely to be a greater focus on the environmental impact of buildings and the materials used in their construction. This could lead to changes in the Building Regulations and the way that homes are built, as well as an increased demand for energy-efficient and sustainable properties.

The rise of platforms such as Airbnb has led to the development of new laws and regulations governing short-term rentals. As these platforms continue to grow in popularity, it is likely that we will see further evolution of these laws and regulations to address the various issues that they raise, such as housing affordability, tenant rights, and quality of life in neighbourhoods with high numbers of short-term rentals.

Finally, all await the full after-effects of the recent interest rate rises, coupled with the anticipated fall in (average) house prices that will continue throughout 2023. If you are a recent first-time buyer with a high loan to value (‘LTV’) ratio and coming towards the end of your first fixed rate mortgage period, they you will be rightly worried. Possibly very worried. But for millions of homeowners (very low LTV and one or two years of an affordable fixed rate left), the impact will range from manageable to negligible and everything in between. Working out exactly how those market forces will impact the housing market overall is very difficult to do, but there is no doubt that – whatever the market does – there will always be a place for the very highest quality residential property advice.

So, no matter what 2023 has in store for you, If you need assistance with any residential property matters this year, don’t hesitate to get in touch with me or anyone in my team.