Strong Start To 2022 Housing Market

Now that we are in April, with spring blooming all around us, it is fair to say the housing market is moving into a busy time of year. Of course, the housing market has been busy throughout 2022 so far.

At Williams of Petersfield, we know the local housing market well, and we stay in touch with what is happening nationally.

This ensures you get all the information you need to make an informed decision.

Mortgage searches are on the up

The 2022 property market got off to a flying start with mortgage search volumes by advisers increasing by close to 80%. This is according to information provided by the Legal & General Mortgage Club.

In comparison to the December 2021 figures, the January 2022 numbers rose by 91%. There was also a significant increase in searches on behalf of first-time landlords, which rose by 63%.

The information also suggests The Bank of Mum and Dad was a huge supporter for these buyers in January. Searches for people with gifted deposits increased by 88% in January 2022. There was an increase in the searches for landlords with gifted equity by 82%.

Challenges in the mortgage market

We know there are many financial challenges these days, and the January findings suggest a lot of people are looking to take better control of their finances:

  • There was an increase of 157% in searches for lenders willing to accept applicants with an unsatisfied default
  • There was an increase of 77% in searches for applicants with unsecured arrears
  • For applicants with missed mortgage payments, there was an increase in 90% of searches
  • There was a rise of 134% for applicants with a debt management plan
  • Searches for interest-only mortgages increased by 85%

Kevin Roberts, director, Legal & General Mortgage Club, comments: “There is still healthy demand in the mortgage market, but there are also signs that the cost-of-living squeeze is beginning to drive some borrowers to remortgage or find alternative mortgage solutions that help them better manage their finances. Advisers will have a critical role to play in helping many of these borrowers to secure a new fixed-rate mortgage or find a lender that is willing to support those with more complex circumstances. When advisers are dealing with these volumes, or with a case that doesn’t quite fit lender criteria, the role of technology cannot be overstated. Automating processes such as administrative tasks can give advisers back time to focus on helping borrowers secure the right mortgage for their needs. Our research tools continue to be an ally to intermediaries, and we remain committed to helping support brokers through new tech where we best can.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Property Prices Reaching New Highs

Even though we are highly experienced at Williams of Petersfield, it is fair to say the current housing market continues to surprise people.

Recent prices in the market

According to the Halifax, house prices reached a record high in February 2022, standing at £278,123. Property prices were also recognised as increasing at their fastest annual pace of growth in 15 years.

The rate of house price growth as of February 2022 stood at 10.8%, the strongest level since June 2007, when it stood at 11.9%.

Seven parts of the UK are witnessing double-digit annual house price inflation. This shows that these increases aren’t solely to a few outlier locations, there is significant growth across the country.

Russell Galley, Managing Director, Halifax, spoke extensively on this subject, saying: “The UK housing market shrugged off a slightly slower start to the year with average property prices rising by another 0.5% in February, or £1,478 in cash terms. This was an eighth successive month of house price growth, as the resilience which has typified the market throughout the pandemic shows little sign of easing. Year-on-year prices grew by 10.8%, the fastest pace of annual growth since June 2007, pushing the average house price up to another record high of £278,123. Two years on from the start of the pandemic, average property values have now risen by £38,709 (+16%) since February 2020. Over the last 12 months alone, house prices have gained on average £27,215. This is the biggest one-year cash rise recorded in over 39 years of index history.”

Russell Galley also said; “Lack of supply continues to underpin rising house prices, with recent industry surveys showing a dearth of new properties being listed, now a long-term trend.”

This is something we have seen locally as well, and if you are considering selling your Petersfield home, get in touch, and we will be more than happy to assist you.

How are house prices in Petersfield faring?

According to Rightmove, as of the end of March 2022, house prices in Huddersfield are as follows;

Properties in Petersfield had an overall average price of £498,951 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £767,066. Terraced properties sold for an average of £395,139, with flats fetching £257,642.

Overall, sold prices in Petersfield over the last year were 9% up on the previous year and 12% up on the 2019 peak of £445,153.”

As you can see, house prices in Petersfield have also risen sharply in the past year, so it is staying in line with what is happening nationally.

Uncertainty will continue in the market

Of course, with so much uncertainty in the property market, it would be unwise to think things will stay this way for ever.

This issue was raised by Russell Galley from Halifax, saying; “Looking ahead, as Covid moves into an endemic phase and almost all domestic restrictions are removed, geopolitical events expose the UK to new sources of uncertainty. The war in Ukraine is a human tragedy but is also likely to have effects on confidence, trade and global supply chains. Surging oil and gas prices are one immediate consequence, meaning that inflation in the UK – already at a 30-year peak – will remain higher for longer. This will add to the squeeze on already stretched household incomes. While increases in Bank rates look likely in the near term, the extent of the rises will depend on how it affects prices and companies’ approaches to pay over the months to come. These factors are likely to weigh on buyer demand as the year progresses, with market activity likely to return to more normal levels and an easing of house price growth to be expected.”

It is likely the following factors will play a role in house prices in the immediate future:

  • The conflict in the Ukraine
  • Rising fuel prices
  • Rising costs of living
  • Changes in bank rates
  • After-effects of Brexit

 

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

House Prices Rising But Not In Petersfield

At Williams of Petersfield, we look to compare how the local market is doing with what is happening across the country. This ensures you make informed decisions regarding the property market.

It is no surprise to see house prices rising across the country, but it looks as though Petersfield property prices don’t have the same upwards trajectory.

Halifax House Price Index indicates rising house prices

The most recent House Price Index, issued by Halifax, shows an increase of £3,860 in property prices in March, representing an increase of 1.4%. This represents the most significant increase since September 2021.

Halifax figures suggest the average price of property in the UK has risen by £28,113 in the past year. When you take on board the average annual earnings in the UK stands at £28,860 before tax is accounted for, you have a situation which is challenging for many people in the property market.

Property prices have risen by £43,577 since March 2020, when the first lockdown occurred.

What do the experts say?

Russell Galley is the Managing Director of Halifax, and he said: “The story behind such strong house price inflation remains unchanged: limited supply and strong demand, despite the prospect of increasing pressure on households’ finances. Although there is some recent evidence of more homes coming onto the market, the fundamental issue remains that too many buyers are chasing too few properties.”

Iain McKenzie, CEO of The Guild of Property Professionals, says: “The release of every new set of house prices is starting to feel like Groundhog Day, with constant announcements of yet another record high becoming increasingly monotonous. There was so much expectation that the cost-of-living crisis would start to impact on house prices, yet prices continue to defy predictions and show month-on-month increases. House prices are being driven not by consumer confidence, but by the lack of properties available and the speed at which they are sold, with high demand driving prices higher.”

How are house prices in Petersfield faring?

According to Rightmove, as of the end of April 2022, house prices in Petersfield are faring as follows:

Properties in Petersfield had an overall average price of £477,116 over the last year.

The majority of sales in Petersfield during the last year were terraced properties, selling for an average price of £399,963. Detached properties sold for an average of £744,506, with semi-detached properties fetching £452,973.

Overall, sold prices in Petersfield over the last year were similar to the previous year and 7% up on the 2019 peak of £445,153.”

With house prices rising across the country, it is interesting to note that house prices in Petersfield remained constant.

Will this trend continue?

Geoff Garrett is a director of a specialist mortgage broker firm, and he is optimistic that there will be a slowdown in property prices. Geoff said; “While the cost-of-living crisis may not be substantial enough to reverse the upward house price trends being seen at present, it’s almost certainly going to slow, what have been some meteoric rises in recent months.”

This is a view shared by Nathan Emerson, Propertymark CEO, who said; “The cost-of-living crisis will undoubtedly show its effects in the market in the coming months, with many households facing increasing energy bills, we could also start to see more efficient homes start to hold premiums over older or less efficient homes.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Homes Are Moving Fast In Spring 2022

With a significant level of demand for property these days, it is no surprise homes are welling quickly.

This is something we have seen for ourselves at Williams of Petersfield, and it is something that is happening across the country.

If you are looking to sell your home with a minimum of fuss, please let us know.

Do you want to sell your home quickly?

In February 2022, 61% of properties were sold subject to contract in the first 30 days. In February 2021, only 43% of properties were sold in this manner. This is according to OnTheMarket, a property portal in the United Kingdom.

Jason Tebb, chief executive officer of OnTheMarket, said: “This faster-paced market doesn’t offer much opportunity for taking your time to come to a decision. With competition for available stock strong, buyers who aren’t organised and prepared to be decisive face missing out.”

Confidence remains strong for buyers

OnTheMarket also spoke with property buyers about how they feel about buying a home. The double-impact of rising mortgage rates and the cost of living becoming more expensive, could affect buyers. However, findings suggest there is still confidence amongst property buyers.

  • 75% of property buyers were confident of buying a home within three months
  • 82% of vendors were confident of selling their house within three months

There is heightened demand for property in the housing market. This is not a new phenomenon but information provided by the latest RICS Residential Market Survey suggests more new buyers are coming to the market.

Positively, the most recent report also suggests there has been an increase in the number of homes listed for sale.

Simon Rubinsohn, Rics chief economist, said: “Huge clouds of uncertainty hang over the economic prospects as energy prices continue to surge and the Bank of England grapples with how to manage monetary policy in this challenging environment. Despite all of this, there is little evidence yet that the mood music regarding the expectations for house prices or rents is shifting. It may well be that these trends ease as the deteriorating macro environment begins to bite, but the message that keeps recurring, both for sales and lettings, is there are in aggregate many more prospective purchasers and renters than properties available.”

How is the Petersfield housing market faring?

According to Zoopla, 254 properties have been sold in Petersfield in the last 12 months, and the average sold price for a property in Petersfield in the last 12 months is £575,783.

For the average price of the different property types sold in Petersfield across the last 12 months, please see below:

  • Detached: £886,665
  • Semi-detached: £472,786
  • Terraced: £427,555
  • Flats: £263,436

We know the local market well, and if you are looking to make a move in, out or around Petersfield, we are here to assist you.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

More Instructions Is Good News In Housing Market

With demand outstripping supply in the housing market, it is vital we see more homes come to the market. This is why it is so positive to see Propertymark figures suggesting housing market instructions have risen.

If you are looking to sell your home, contact Williams of Petersfield, and we will be more than happy to assist you.

Highlights from the most recent Propertymark findings include:

  • An increase of 80% for new instructions per branch
  • Numerically, the increase was from five in December 2021 to 9 in January 2022
  • The number of registrations for property searchers increased by an average of 100 members per branch
  • This increase represents double the number of registrations for house hunters in December 2021
  • 37% of listed property selling above the asking price in January 2022
  • In December 2021, only 25% of listed properties sold above the asking price, and in January 2021, only 9% sold for higher than the asking price

Nathan Emerson, Propertymark CEO, said: “Our latest housing market report paints the positive picture that our member agents have been hoping for, which is the much-needed increase in the number of properties coming to the market. There is certainly no let-up in demand, but the supply line appears to be recovering at a quicker pace and edging towards a rebalancing of the market. This is welcome news on the back of stock levels that had declined to record lows throughout last year against the backdrop of escalating demand.”

Nathan Emerson concluded by saying; “Our figures coupled with those published elsewhere do also point to a slight cooling in house price rises. But we remain in a strong sellers’ market and anyone thinking about selling should act now with confidence as we head towards spring which is traditionally a busy time.”

What else is happening in the housing market

Other findings in the study include:

  • Average number of properties available per branch was 19 in January 2022, this is a historic low
  • The average number of prospective buyers per branch was 29 in January 2022, this is a historic high
  • There was a 40% increase on month-to-month sales in January 2022
  • First-time buyer sales made up 29% of all sales in January 2022
  • The number of purchases made by first-time buyers in January 2022 was an increase of 107% on December 2021 figures

With properties for sale being at an all-time low and prospective buyers per branch being at a record high, you don’t need to dig too deep to see the challenges of the property market.

If you are contemplating selling your Petersfield home, we are the agents you can rely on. We are more than happy to arrange a property valuation for you, and this will provide you with the platform for selling your home.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Petersfield Homes And Energy Efficiency

In winter, there is a lot to think about with respect to your home, but it is easy to see why so many people are interested in heating and energy.

At Williams of Petersfield, we are interested in the increasing focus on energy efficiency for homes, and we believe this is something that will become more prominent in the property market.

South East performing well with respect to energy efficiency

The South East of England ranked joint-second in the list of Median energy efficiency score for English regions and Wales, up to March 2021. This was with a score of 67, which was only bettered by London.

According to Government figures, “The median energy efficiency score for dwellings in England was 66 and 64 in Wales for all records up to March 2021, which is equivalent to band D.” This information was taken from the Government’s website: https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/energyefficiencyofhousinginenglandandwales/2021

What makes a property energy efficient?

The Office for National Statistics (ONS) lists the most significant factors for a property’s energy efficiency are:

  • The age of the property
  • The type of fuel used in the property
  • The property type

It shouldn’t be a surprise to learn that homes built since 2012 in England and Wales are likely to be far more energy efficient compared to older property.

These homes are commonly classed as having the highest energy efficiency rating, while just 12% of assessed homes which were built before 1900 in England hold this classification.

Only 42% of assessed property in England holds an Energy Performance Certificate (EPC) of at least a C. This means close to 60% of all assessed homes will fall below the expected standard, which is a huge concern for the lettings sector.

What do the experts say?

Propertymark’s policy and campaigns manager Timothy Douglas says: “The UK government must take these findings seriously and understand the huge challenge that many landlords face to upgrade property which introduces a real risk of many exiting the sector. To navigate this, they must provide funding and support based on much broader considerations.”

The ONS says: “Controlling for other factors, the age of a dwelling has the biggest impact on its energy efficiency, with newer homes much more likely than older homes to have an EPC rating of C or above. To understand the biggest influences on a home’s energy efficiency, we have used a logistic regression model to assess the impact of different characteristics in isolation (or controlling for other variables). The data used in this analysis only covers homes for which an EPC exists, and therefore doesn’t reflect the entire housing stock.”

The ONS also said; “Newer homes are the most likely to be energy efficient. Almost all dwellings in England and Wales built since 2012 have an EPC rating of C or above, and as such the odds of a house of this age having a high rating are extremely high compared with houses built earlier. Homes built before 1900 were the least likely to have a high efficiency rating.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Is Petersfield Good For First Time Buyers?

At Williams of Petersfield, we stay in touch with the local housing market (and national market), helping people make their next move. If you are looking for guidance or assistance on any property matter, get in touch, and we will be glad to help.

This is a boom time for first-time buyers, and it is natural for people to question if Petersfield is good for first-time buyers.

How is the market looking for first-time buyers?

According to the Yorkshire Building Society (YBS), there were more than 400,000 first-time buyers in 2021. This is the first time this figure has been breached since the Great Financial Crisis. It is estimated there were 408,379 first-time buyer instructions in 2021. This represents a 35% increase on the 2020 figures, which stood at 303,000.

First-time buyers make up 50% of all property purchases with a mortgage. Back in 2007, these buyers only represented 36% in the overall mortgage market.

The last notable peak with respect to first-time buyers was 2002, and this year saw 531,800 people make their way on to the property ladder. In 2006, there were 400,900 first-time buyers in the market.

After the financial crisis, first-time buyer numbers were around 200,000 (between 2008 and 2012), so the current numbers are around double what they were during that challenging time.

Is Petersfield suitable for first-time buyers?

While the average price of property in Petersfield is higher than what many first-time buyers are looking to pay, it should be remembered that many different sorts of people, from various backgrounds, are classed as first-time buyers.

With Rightmove saying properties in Petersfield had an overall average price of £509,886 over the last year, as of the end of January 2022, this is a higher price than many people would look to pay. However, first-time buyers with support from family members or who have been a success in business or life, might find this area to be perfect when stepping onto the property ladder.

Also, in our dealings in the local area, we have worked with many first-time buyers, so we know there is demand from this group.

This is a good thing, even if you aren’t a first-time buyer yourself. Having new buyers enter the market ensures the cycle keeps moving, and if you’re a homeowner looking to sell your home, it might be that a first-time buyer is your ideal buyer.

What are key factors in the current level of demand for homes?

When it comes to understanding why there is a greater level of demand for property right now, the following factors are all prevalent:

  • Unemployment figures which are falling
  • Borrowing is affordable for many people
  • There is a strong range of affordable mortgage deals with low deposits

What is the average cost of a home for a first-time buyer?

The most recent figures, for October 2021, state the average price of a first-time buyer’s home is £222,997. This represents a 9% increase in the figure from October 2020.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Home Improvement Work For 2022

With spring approaching, you might feel as though it is time to overhaul your home. Whether you are doing this for your own needs, or to help you sell your home is down to you, but there is a lot to be said in revitalising your home.

If you have one eye on selling your home, we are here to help. Williams of Petersfield has helped to connect buyers and vendors in the local area, and we know the sort of home improvements which appeal to buyers, and which help sell homes.

If you are looking to sell your Petersfield home in 2022, give us a call today.

Many people are looking to change their home this year

GetAgent has carried out a study amongst homeowners, looking at the changes they wish to make to their home in 2022. 69% of people who have bought a property in the last six months intend to carry out home improvements. 52% of respondents said they plan to undertake minor aesthetics around the house. 17% of property owners who responded are committed to a significant project, such as an extension.

What rooms are people most likely to change?

The rooms most likely to be focused on are:

  1. The kitchen, which was the leading option cited by homeowners when discussing makeover plans
  2. The garden was a popular choice when it comes to brightening up a property
  3. Bedrooms were a common option when it comes to freshening a home

The next selections were bathroom, living room and external spaces.

The most commonly cited home improvement task was painting a room, with installing new flooring a close second. Gardening and adding new furniture to the home was also mentioned as likely options. Also, many people intend to add new appliances to their home during the home improvement process.

How much are homeowners willing to spend on improving their home?

33% of respondents said they have a budget of between £500 and £1,000 for home improvements. 11% of homeowners have a budget of at least £20,000.

Colby Short is the founder and CEO of GetAgent.co.uk, and he has been quoted by Property Reporter as saying; “Home improvements are part and parcel of homeownership and January is often the time we sit down and think about what changes we want to make to our home. Whether you’re painting the bedroom or adding an extension, the key to success is planning and determination to follow through with those plans. There will always be some unexpected costs so budgeting a little extra is advised but at the very least you should get a full view of costs and times before undertaking any project to avoid months on end of living in a half-finished house.”

Colby Short concluded by saying; “It’s also important to note that the cost of materials has climbed substantially while the availability of tradespeople has dwindled due to high demand. So you might not be able to get your home improvements sorted as soon as you planned or for the cost you originally expected.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

 

Interest Rate Increases And The Property Market

There is a lot to consider at the start of the New Year, but there is also something major in the housing market to consider from the end of last year. The increase in interest rates, as announced by the Bank of England, will impact the housing market.

If you want to make sure that you make informed decisions in the 2022 housing market, call on Williams of Petersfield, and we will be more than happy to assist you.

Key takeaways highlighted by Zoopla

Zoopla is one of the leading property portals in the United Kingdom housing market, and they have published their key takeaways regarding the increase in interest rates on their website:

  • The Bank of England has increased interest rates from a record low of 0.1% to 0.25%
  • The move means nearly 2m homeowners will have higher monthly mortgage repayments
  • The increase will add around £14 a month to repayments for someone with a £200,000 mortgage

What are industry experts saying?

Suren Thiru, is the head of economics at the British Chambers of Commerce, who spoke about the increase in interest rates, saying; “The Bank of England’s decision to raise interest rates was surprising, given mounting uncertainty over the economic impact of the Omicron variant. While today’s rate increase may have little effect on most firms, many will view this as the first step in a longer policy movement – not as a partial reversal of last year’s cut.”

Eleanor Bateman, Policy Officer at Propertymark, commented: “The increase in base rate to 0.25% is a small and necessary step and one that most had anticipated for some time. Mortgage rates have been creeping up over the past few months, and while those on variable rates will see payments increase, the cost of borrowing remains low relative to historic levels. Though, traditionally, the winter months see a decline in activity, our Housing Market report shows sustained demand with average sales agreed maintained to the end of October.”

Eleanor Bateman continued by saying; “With indications that lifestyle factors are continuing to prompt many into making a move, we do not expect today’s announcement to have a significant, negative impact on the market. Continuing uncertainties over COVID-19 may, however, have more lasting effects, and we would urge the UK Government to consider the property industry’s significance in any forthcoming decisions on further tightening of pandemic-related measures.”

Paul Dales, chief UK economist at Capital Economics, suggests rates might need to increase further before too long. Paul said; “The MPC once again said that a ‘modest tightening’ of monetary policy is likely to be necessary, so this is not looking like a case of one and done. We still think that weaker economic growth and a faster fall in inflation will mean that interest rates won’t rise to 1% by the end of next year, but it’s just become more likely that they rise above our 0.5% forecast.”

Contact Williams of Petersfield for all your 2022 property market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

What Comes Next In The 2022 Housing Market?

At Williams of Petersfield, we are happy to help as many people as we can in the Petersfield housing market. We have assisted many buyers and vendors, and we know what people are looking for locally.

For the national market, we stay in touch with what is being said by the experts, and this helps us to help you make an informed decision.

What do the experts think will happen in 2022?

Grainne Gilmore from Zoopla was speaking with colleague Richard Donnell (as reported by the Property Industry Eye website), saying; “Richard, our latest house price report reflected what has happened in the market over the past 12 months. Prices are up 7.1% on the year, and 6.6 million homes have risen in value by more than £30,000. This is not what many would have predicted at the start of the pandemic back in March last year.”

Richard responded by saying; “Yes, the market in 2021 has been remarkably busy for agents, considering we are in a global pandemic. But, the pandemic itself has been one of the drivers of buyer demand, with many households taking lockdowns as an opportunity to reflect on where they were living, and the space in which they were living. Add to this the stamp duty holiday, and we have seen transactions rise to 1.5 million – translating into around one in 16 privately-held homes changing hands in 2021.”

What will buyers look for in 2022?

One of the biggest factors in shaping buyer activity in the past couple of years has been the need for space. It is likely that this will continue as we move forward, especially when there is still so much uncertainty over the pandemic.

Grainne said; “The rise of Omicron is causing more uncertainty for the households, and the wider economy, in the coming weeks. Our data shows a slowing in buyer demand, but it is very much in line with the usual seasonal trends. We expect a bounce back in demand in the days following Christmas and into the New Year. However, could Omicron have any impact on supply?”

Richard said; “The housing market is usually busiest in the first couple of months of the year with a spike in new listings as well as a surge in buyer interest. Starting last year with restrictions and schools closed put off many sellers. So long as schools remain open and we don’t see widespread restrictions then we would expect a strong flow of new instructions.”

What other factors will influence the 2022 housing market?

One of the reasons it is so hard to predict what will happen next in the property market is because there are so many factors involved with the process. This is why there is a need to consider as many of the factors that will shape buying processes and supplier demand as we can.

Grainne said; “There will be more economic headwinds next year, but the ‘pandemic-led’ search for space has further to run. Office-based workers will still be recalibrating their working practices and their home life, and some may choose to make a move because they no longer have to live so close to their workplace. This will continue to put upwards pressure on houses situated in wider commuter zones and more rural and coastal areas. There is more room for prices to grow in the more affordable areas, and we forecast average price rises of 4% next year, and 1.2 million transactions, roughly the same level as between 2014 and 2018. How long do you think the pandemic will continue to impact the housing market?”

Richard said; “When we look back at the pandemic in five to ten years we will recognise it marked a major turning point in the link between home and work and people’s attitudes to their home. The pandemic has engendered some seismic changes in how people want to work, and how they will work in the future. This trend has further to run, as more office-based workers decide how far they can live from the office if they do not have to be there every day into 2022 and 2023. Together with other structural factors such as an ageing population, the result should be a greater proportion of homes trading each year, bucking the decline over the last five to ten years and supporting the size of the market for agents and lenders.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Is Petersfield A Good Place To Live?

At Williams of Petersfield, we are likely to be biased, but we believe Petersfield is a good place to live. If you are thinking about moving in 2022, and you are keen to find a place where you can settle down, this is one of the options you should consider.

What does Petersfield have to offer?

Given that Petersfield is regularly listed as one of the best places to live in the UK, including in the renowned Sunday Times guide, it is no surprise that a lot of people are attracted to the area.

There are many reasons why this location is such a great choice but the regularly markets, the array of independent and boutique stores, and the wide range of events hosted in the town all add up to making a place where people feel safe and happy to stay.

Even during the trying times of the past couple of years, the community spirit of Petersfield has shone through, making this an ideal destination for buyers looking for a brilliant place to settle down.

Also, when you consider the events of the past couple of years, it is easy to see that many people are looking to live in a place with plenty of outdoor space close to home. With this in mind, the impact of Petersfield Heath cannot be overstated. With 69-acres of greenery located so close to the centre of Petersfield, you can enjoy all the open space you desire here!

How is the Petersfield housing market faring in 2022?

According to Rightmove, as we enter 2022, the Petersfield housing market is faring as follows;

Properties in Petersfield had an overall average price of £509,939 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £753,499. Terraced properties sold for an average of £370,545, with semi-detached properties fetching £483,978.

Overall, sold prices in Petersfield over the last year were 19% up on the previous year and 17% up on the 2018 peak of £436,809.”

The figures stated above indicate there has been a significant increase in house prices in Petersfield in the past year. While the numbers are genuine, there are many reasons as to why these figures are what they are.

The previous year was a slow moving one for most of the market, and it is no surprise that the market grew sharply. Also, with the Petersfield housing market being a modest one, sometimes a few outliers can have a massive impact on the property market.

Also, with demand outstripping the level of supply in the housing market, it is no surprise that sold prices have increased. This has been the case in many parts of the country.

If you are looking to sell your Petersfield home, please get in touch with Williams of Petersfield, and we will be more than happy to represent you. We are pleased to say we have assisted many vendors in connecting with buyers, and we look forward to assisting you in 2022, and beyond.

Contact Williams of Petersfield for all your 2022 property market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.