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January House Price Index with Zoopla - 28th January 2022

January, 2022

The latest figures released by Zoopla which cover the Christmas period and first couple of weeks of the New Year show little signs of any easing in the stampede to buy property.

 

In the 4 weeks up to 16th January demand for homes was up 49% compared to the same period through 2018 to 2021 whilst the supply of available homes was down 15% for the same period. This continual imbalance will add further fuel to price rises but these are certainly not expected to be at the same levels as have been experienced over the past 12 to 18 months. The earliest indications of 2022 do show some encouragement however that this imbalance is on the turn, but it remains to be seen whether this will be the case or not.  Highest demand is currently being seen for 3-bedroom properties with one-bedroom flats being the least searched for on the portal. Anticipated price growth for 2022 is expected to be around 3% compared to nearly 6% in 2021.

 

The interest rate increase in December had little to no impact on the housing market and whilst interest rates are expected to rise several more times through 2022, they are still historically very low with an average of 1.59% for a five-year fixed deal where a 25% deposit is available

 

Ultimately the message remains the same and that is that if you are serious about buying a property for the first time or moving home then it is extremely important that you put yourself in the best position possible. As a reminder ensure you have a valid mortgage agreement in principle, have your ID available when viewing a property and you have chosen a solicitor or conveyancer to represent you. Whilst the last two points do not affect your ability to buy, they will show a willing intent which may just give you a slight edge over anybody else looking at the same property.

 

Of course, should you need to sell a property in order to buy then it is absolutely imperative that that property is on the market, and you have a buyer in place. Failure to do this will, almost certainly see you miss out on the home of your dreams. Sellers are often concerned that they will have a buyer for their own property but be unable to find a suitable property to move to however we are definitely seeing a lot more patience from buyers who are willing to wait whilst the person they are buying from finds a suitable property. It is worth noting that the time taken to find a suitable property is a lot longer in most cases than one would normally expect. For those who have decided they want to move before the end of the year it would be wise to consider starting the process a lot sooner than they may have done before.

 

As always we love to hear your thoughts and comments and if you have any questions or require any advice then feel free to get in touch by calling 01452 260993 or email enquiries@rbwalters.co.uk.

 

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