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Property Market Comment - February 2022

February, 2022

February Market Report

 

According to Rightmove the average asking price for property in the UK rose by 2.3% in January which represents the highest monthly growth rate ever recorded. It also means that the average asking price has risen by £40,000 since the pandemic began 2 years ago compared to £9000 for the 2 years prior.

 

Despite interest rate rises and the end to the stamp duty holiday demand for property shows no signs of easing with the number of people reported to be looking last month 15% higher than for the same period in 2021. Throughout the past 18 months the imbalance between supply and demand has fueled these price increases but with 11% higher number of properties coming to market than this time a year ago it is hoped that we are starting to see a balancing of the market. Properties in the area are now taking on average 38 days to sell which is an increase on the 32 we saw for most of last year. This is still the fastest rate in England with only Scotland slightly faster in the UK, so house prices are likely to continue to rise just at a slower level.

 

Over the past 2 years flats have been the least in demand type of property yet a recent study of 20 towns and cities showed that they were now the second most searched for property type behind 3-bedroom houses. This is likely due to the fact that on average flats have increased by an average of 1.9% compared to the 8% increase in houses so for anyone currently living in a flat then now may be a good time to consider a move.

 

We speak to plenty of people who are frustrated with their search for property. These frustrations are generally centered around being outbid on multiple properties, not getting calls from estate agents in response to their online enquiry, not being given much time to view, feeling rushed and pressured into making a decision.

 

As more new properties coming to the market is expected in March it is worth reminding everyone of the importance of making sure you are in the best position possible to secure your next home -

 

  1. Have you got your mortgage decision in principle and is it up to date?
  2. Have you already sourced a solicitor?
  3. It is worth speaking with your employer and trying to agree some flexible time to view property at short notice.
  4. Register with every estate agent. The good ones will contact you about suitable property before it appears on the portals.
  5. When you see a property appear telephone the agent straight away rather than send an email or enquiry.

And ......

        6. If you have a property to sell, then you need to have it on the market and have a buyer in place.

 

Finally, if you are a first-time buyer then you may be interested to know that recently released mortgage products are potentially giving 5 times your income with a fixed rate for 5 or 10 years.

 

As always, we love to hear your thoughts and comments and are happy to answer any questions you may have either by message, telephone 01452 260993 or email enquiries@rbwalters.co.uk

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