Winkworth’s network completed sales for the year fell by some 19% in 2023, the agency franchise brand has revealed but it remains more optimistic for 2024.
A trading update from Winkworth yesterday said rising interest rates and high inflation took its toll on the UK property market last year.
The update said: “As we anticipated, the gloomiest forecasts for prices were not met and prices ended the year only some 5% below their peak in the summer of 2022. Hesitancy on behalf of buyers, however, along with legal delays in conveyancing, led to a downturn in transactions.