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4th January 2022
Winter Property Market Trends Report
The start of any year inevitably leads to reviewing what has happened over the past twelve months, whilst also looking forward to what the coming weeks may have in store.
When it
comes to a yearly overview of the property market, each time this brings a
unique insight into past events and throws up some interesting possibilities
for the future. Of course with the ongoing uncertainty of possible new
restrictions or even lockdowns, accurately predicting what will happen within
the property market will probably need a hugely high powered crystal ball,
however the ongoing imbalance of supply and demand will inevitably still play a
major part.
That was
the year...
2021 was
the second year that the Covid phenomenon impacted on the UK's housing market,
although thankfully not quite in such a dramatically negative way. The first lockdown in 2020 saw the entire
sector being forced to shut up shop for a few months and was a frustrating time
for everyone.
The
impacts of the ongoing pandemic in 2021 actually had some positive effects,
with buyers benefitting from the extended Stamp Duty Holiday and continued low
interest rates and vendors being able to take advantage of exceptionally high
levels of interest and activity.
However, as
the year came to a close things were already beginning to move in different
directions and provide hints as to what might happen in 2022.
Looking
ahead
The mid-December
decision by the Bank of England to raise interest rates for the first time in
more than three years will have a knock-on effect for anyone looking for a new
mortgage.
Although the rise from 0.1% to 0.25% still
means rates are low in an historical context, it is likely to be the first of a
number of small increases as inflation figures are rising and prices in general
are going up at their fastest for a decade.
If you'd like confidential FEE-FREE
help and advice in securing a mortgage, whether that's as a first time buyer or
simply moving to a new deal, contact our independent mortgage advisor Stuart
Gulvin today on 01273 647 390 or
email him at [email protected] *
The pace continues
It seems
likely that market activity for buying and selling will continue at the frantic
pace that we have seen over the past year, as once again the main property
portals saw the number of people browsing properties during the post-Christmas
Day festive period increasing year on year.
Latest
research figures from a prominent high street building society suggests that a
drop in household expenditure during lockdown, an increased number of low
deposit mortgage deals, decreasing unemployment and low borrowing costs are all
greatly contributing to the current levels of people looking to move home. It’s
interesting to note that although we’ve lived through the uncertainty of a
pandemic, the number of first time buyers in 2021 was the highest in 20 years,
equating to approximately half of all houses bought with a mortgage.
A rise in prices
The price
of residential property hit a record high at the end of 2021, rising by 10.4%
in the 12 months to December. Robert Gardner, Chief Economist at the Nationwide
states that “prices are now 16% higher than before the pandemic struck in early
2020,” and the latest House Price Report reveals that the average price of a UK
home reached £254,822 in December 2021 – an increase of nearly £24,000 in
relation to the previous year.
The report
shows that even though annual growth was at its strongest for 15 years, there’s
still ample opportunity for it to continue on an upward curve this year. So if
you are thinking of moving now is still a great time to do it. Contact us
today for a free, up to date valuation with no absolutely no strings attached.
Landlord life
Likewise
the rental sector shows no signs of slowing down in terms of demand. Recent
research by the National Residential Landlords Association found that 74% of
private landlords in the South East reported demand for homes to rent had
increased in the third quarter of this year, compared to a national average of
57%.
In fact, the figures for the region placed it as the second
highest in terms of activity across England and Wales, so if you’d like a
pro-active Lettings Agent to make your landlord life both successful and
stress-free contact Georgina Tunbridge our Senior Lettings Consultant today on
01273 321 000 or click
here to email her directly.
Providing
the very highest levels of service
For our
own part, we have achieved record figures for our clients in terms of sales
whilst at the same time being able to find so many buyers their new dream home
in 2021. Recognised once again as being ‘one of
the very best Estate Agents in the country’ in the brand new best Estate Agent
Guide,
2021 really was a win-win year for us.
The dedication
to superb customer service, consistent five star Google reviews and fantastic
results for our clients, are all things we intended to continue in this New
Year and we hope that we can get you moving!
For help in buying, selling, renting or letting our local branches would love to hear from you.
*
Maslen Financial Services Limited
trading as Maslen Financial Services is an Appointed Representative of HL
Partnership Limited which is authorised and regulated by the Financial Conduct
Authority. Your home may be repossessed if you do not keep up repayments on
your mortgage