The housing market is a crucial aspect of modern society, affecting individuals and families on a personal level and driving economic growth at the national level. Against the backdrop of interest rate uncertainty, rising energy costs, and a cost-of-living crisis, Women in Property (WiP) hosted a lively discussion on January 31, 2023, about the outlook for the housing market in London in 2023. The event, held at Evelyn Partners, saw an impressive number of attendees, including non-members. In this blog post, we summarise the key insights from the event, which was organised by Shuahra Rahman, an architect specialising in home extensions and reconfigurations.
The panel discussion was chaired by Jo McIvor, Property Partner at Edwin Coe LLP and WiP South East Branch Chair, and featured RIBA President Simon Allford, Lisa-Jane Risk (TTL Properties), Alice Lamb (LandAid), and former DGLC Head of Architecture Andy von Bradsky.
The panel discussion focused on how to address systemic inequalities in the housing sector, particularly the lack of affordable housing and access to land, the roles that private finance and the local authority purse have to play, the impact of infrastructure on housing, and the ESG levers that are dragging developments towards more environmentally sustainable schemes.
The panelists offered their view on the housing outlook in 2023. The challenges facing the sector include a lack of real affordable housing, access to land, local authorities empowered and resourced to bring forward schemes, and a perfect storm of economic pressures (withdrawal of help to buy, rising costs, costs of living, mortgage interest rate rises).
Despite the challenges, the panellists identified opportunities to invest in infrastructure to connect London’s wealth to the reaches of the UK, take advantage of the fact that housing is relatively high up the Sunak Government agenda, and make 2023 the tipping point in changing how we deal with systemic social injustices in housing. There is a real opportunity to provide more affordable housing and create virtuous circles that tap into the environmental consciousness that has accelerated in recent years.
One of the key takeaways from the discussions is that there is a need to continuously question, evaluate, and create feedback loops to learn from each other. Clever models can tap into the environmental consciousness and it is important to explore these options to create virtuous circles. While there are clearly challenges to be faced, upgrading and future-proofing our homes so that families can live comfortably in them for their lifetime in healthy neighbourhoods with green spaces and clean air is a critical aspect of the housing outlook in 2023.
The housing outlook is particularly important for individuals and families who are looking to buy or sell a home, remodel or extend their existing home, or make important financial decisions related to their home. By keeping abreast of the housing outlook, individuals can make more informed decisions and take advantage of opportunities that arise in the housing market.
In conclusion, the housing market in London faces both challenges and opportunities in 2023. By addressing systemic inequalities in the housing sector and taking advantage of opportunities to invest in infrastructure and create virtuous circles that tap into the environmental consciousness, we can create a more affordable, sustainable, and equitable housing market. It is important to continuously question, evaluate, and create feedback loops to learn from each other, upgrade and future-proof our homes, and live comfortably in healthy neighbourhoods with green spaces and clean air.
