Gloucester Property Market Update – December 2021
As we approach the end of 2021 and what has been a crazily busy year for the property market it is estimated that 1 in 16 of all UK homes will have changed hands during the year making it the busiest year since 2007.
Mortgage lending has finally slipped back to pre-pandemic levels and with the Bank of England monetary committee set to meet later this month it remains to be seen whether the base rate will be increased now or if it will be held for another month. What is certain is that 2022 will see several rate increases. Despite the inevitable increases demand remains up at around 19% on average and this is likely to continue as a number of people see in the New Year with moving or buying a home among one of their resolutions.
Set against the high levels of demand is the overall shortage of available property and once again the Southwest, including Gloucester sees the shortest average time in England to sell a property at around 32 days whilst the average house price increase this year for the region is 10.2% which is also the highest in England. Supply overall has been around 21% down on historical averages but it is expected that more property will become available in the next few months to hopefully ease the strain on those looking. The new year, new home philosophy along with an initial rise in interest rates will almost certainly spark a number of people to move before rates rise any further.
As I have mentioned in several posts and blogs recently it is vitally important for anyone looking to buy that they have all their ducks in a row so to speak. Making sure you have your deposit ready, mortgage agreement in principle and a solicitor in place will often help you when it comes to securing a purchase. If you do need to sell first, then it is imperative you have your property on the market and a buyer in place. If you don’t then you almost certainly stand no chance of being successful when offering on a property that is if you even get the chance to view as many homeowners ask for only proceedable buyers be allowed to view. I often hear people say they worry about selling first in case they can’t find something and don’t want to let their buyer down. However, if your buyer is aware of the circumstances from the outset then you will generally find they are accepting of the delay whilst you look and probably even more so now given how tough it has been to buy a property this past 18 months.
Christmas may well be round the corner but there is still time to get ahead and gain yourself an advantage. Rightmove predict that over 50 million people will visit their website between Boxing Day and the first working day of January. In fact the biggest increase of people visiting the property portals happens immediately after Christmas Day and with the holiday period being as it is with bank holiday’s on the Monday and Tuesday, supermarkets closed for the whole weekend this year could see more people browse property than ever before.
You may already have your decorations up and may also have the family staying and not want viewings over the festive period but in both instances, there is an answer. Photos can be taken with decorations up ahead of launching your property for sale on Christmas Eve or before if you wish. The photos will only serve to reinforce the fact your property is newly available and can be retaken in January if required. If launching on Christmas Eve you don’t have to have any viewings until the New Year if you would prefer and we can simply arrange them for January using dates pre agreed with you so that we don’t even have to disturb you.
Getting a buyer early may well put you to the front of the queue when it comes to securing your dream home move and get 2022 off to the best possible start.
If you have any questions or wish to discuss any aspect of buying or selling property, then please drop us a line and I will be delighted to assist you further.
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