The prime property sector has remained robust throughout 2022 and will continue to outperform the wider market next year, according to Fine & Country.

Nicky Stevenson, managing director of the agency, said the upper quartile of the sector had been cushioned from the economic headwind impacting the market, largely due to fewer buyers within the prime market being reliant on finance from banks to purchase a property.

“The prime market also experiences a higher number of overseas buyers, who have been taking advantage of the value of the sterling dropping in recent months,” she commented. “While the mini-budget may have slowed foreign investment, it is believed that the stability in recent weeks will have done much to curb concerns and reinstate confidence in the UK market.”

Stevenson noted that 2022 has been an exceptionally busy year within the property market, and while 2023 is predicted to be more in line with pre-Covid levels, the MD said agents within Fine & Country network believe that there will be many opportunities in the year ahead, especially in the prime sector.

“There is no doubt among agents within the network that next year will be more challenging, but context is important when looking at the year ahead,” she said. “The market is down, but comparing it with unprecedented periods will only amplify the perceived scale of decline.”

Stevenson added that if the right principals and techniques are applied, the challenges in a tougher market will provide opportunity for good agents to grow their market share. “The best agents will shine in the tougher market, and brands with a strong value proposition and a focus on providing exceptional customer service will continue to push forward,” she said.