Author: colin_williams

Fewer House Movers So Far In 2022 Isn’t A Shock

Posted on by colin_williams

When you take everything into consideration, we shouldn’t be too surprised to see that there are fewer house movers in the opening half of 2022 than there were for this period in 2021.

In 2021, we still had the stamp duty holiday, and of course, the first half of 2020 saw the pandemic shut down the property market for some time. This is why an increase of 133% in property movers for the opening half of 2020 and 2021 isn’t a surprise.

Many factors influence people’s desire to buy a house

When you compare the movers in 2021 and 2022, the drop is 35%, and of course, the impact of cost-of-living rises is likely to impact these figures too. There is still significant demand for property these days, but it is harder for many households to justify the cost of moving, or meet the criteria lenders impose on prospective buyers.

The study by the Halifax doesn’t tell us anything out of the ordinary or hint at major issues in the housing market. Rather, it confirms what is happening, and what many industry experts to happen.

We can help you with any property market move you wish to make

At Williams of Petersfield, we are on hand to assist you as best we can with any housing market move you wish to make. While the number of prospective movers has fallen compared to last year, there is still great demand for homes.

If you are looking to sell your house, rest assured there are many people looking in and around Petersfield. If you need any assistance on entering the market with confidence, we are here for you, and we are keen to assist you as best we can.

Andrew Asaam, homes director at Halifax, spoke about this situation, saying; “The number of home movers so far this year is lower than the record high set last year: this was not unexpected, and the housing market has remained buoyant in 2022 so far. The number of people moving home during the in the first six months of the year was above pre-pandemic levels and is, other than 2021, the busiest start to the year for home moves since 2008. Last year was a year like no other – the stamp duty holiday drove an incredible amount of demand, leading to an 133% increase in movers on 2020. So, it was always likely we were going to see a fall compared to that record high, but when we look at numbers overall – movers are very much still moving.”

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 Home Owners – Energy Efficiency Connects You With Buyers

Posted on by colin_williams

If you are looking to sell your Petersfield home, it is helpful to know what buyers are looking for. In the current housing market, the demand for homes far outstrips the supply of property. This is positive news for homeowners looking to sell, but you shouldn’t be complacent.

If you want to maximise the return you receive on your property, you want to connect with buyers in the most effective manner. At Williams of Petersfield, we know the local market well, and we know what property buyers are looking for. This ensures we represent you in the most effective manner.

We also know the national market, staying in touch with what is happening across the country. This ensures we help you make informed decisions.

Going green makes sense in the housing market

One trend we see at the moment, both locally and nationally is energy-efficient homes are in greater demand, and many buyers are willing to pay more for this style of home.

If you are a homeowner looking to connect with buyers, it makes sense to carry out home improvements which boost the energy efficiency rating for your home.

A recent study by FJP Investment spoke with more than 1,000 people. 44% of respondents said they would pay more for a home that has a high energy efficiency rating. When focusing on people aged between 18 and 34, 59% said they would pay more for a home with a higher energy efficiency rating.

This is important information, as it should guide you in how to best enter the market. The study also showed only 22% of respondents said they would buy a home with a low energy efficiency rating, and make improvements from there.

Give homebuyers what they are looking for

If you plan on selling your Petersfield home, it is far more productive to give buyers what they want from the start. At Williams of Petersfield, we will make sure you connect with buyers in the most appropriate manner.

Jamie Johnson, chief executive of FJP Investment, said: “The energy prices hike will see homeowners across the UK facing much higher energy bills compared to previous years, and our research shows that more people are starting to take green credentials more seriously when it comes to their next home or property investment. Greater energy-efficiency will continue to increase as a key factor in preferences as homeowners seek to reduce energy bills and live more sustainably. Now, more than ever before, developers, construction firms and designers must prioritise sustainability in future projects to meet the demands voiced by homeowners, with most seeking a property already equipped with energy-efficient features rather than one that needs retrofitting further down the line.”

Jamie Johnson also said; “While the tax relief announced in the Spring Statement on solar panels, insulation and heat pumps is a step in the right direction, the measures don’t go far enough to solve the affordability issue facing many households who will find these energy incentives largely out of reach. Driving sustainability in new homes and removing the affordability barriers to green renovations and sustainable home ownership needs to be at the forefront of the government’s agenda, who must work hand in hand with the construction industry to ensure greater progress is made.”

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.

Has The Demand For Homes Reached A Celling?

Posted on by colin_williams

Octane Capital have analysed approval data from the Bank of England, and they believe the demand for homes in the country has reached a ceiling level. Their analysis shows there was close to 1.6 million mortgage approvals in 2021/22. This represented a 10% increase on the previous financial year.

57% of these approvals were for a home purchase, equating to 894,393 homes. This sounds a lot, a and it is impressive, but it is only an increase of 1% compared to the previous financial year. Of course, the past few years have been challenging.

Also, the impact of the stamp duty holiday significantly affected demand and movement, so a fall in house moves isn’t as catastrophic as it might seem at first glance.

In 2020/21, there were 884,482 mortgages approved. There was an 11% increase on the 2019/20 year, but again, the timing of the financial year and the start of the pandemic affects these figures.

These have been challenging times in housing market

The housing market practically shut down in March 2020, and this lasted for a few months. Of course, from the summer of 2020, with the stamp duty holiday in place, mortgage applications and approvals skyrocketed.

Jonathan Samuels is the chief executive of Octane Capital, and he spoke about the latest interest rate increase, and what this will likely mean in the housing market. He suggests that mortgage approvals will likely fall.

He said: “The level of buyers being approved for a mortgage on a house purchase has continued to climb year on year and remains incredibly high. In this sense, the property market is still running extremely hot, although it certainly seems to have hit the ceiling with the volume of mortgage approvals for house purchases climbing by just one percent versus the previous year.”

Jonathan Samuels also said; “A hattrick of base rate increases towards the end of the last financial year will have no doubt contributed to this reduction in buyer appetites and, in contrast, we’ve seen a sharp uplift in those remortgaging to secure better rates ahead of any further interest rate hikes.  With a fourth increase coming so soon in this financial year, there’s a very good chance that the market will now start to deflate, bringing property values back down to earth and returning the market to a state of pre-pandemic normality.”

We are by your side in the housing market

If it becomes harder for many people to arrange a mortgage, it makes sense this will dampen demand for homes. After all, if you cannot afford to buy a home, you aren’t going to be active in the market.

With the demand for homes currently outstripping the supply of homes by a significant amount, this is likely to have an impact on the housing market.

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.

Are House Prices Finally Slowing Down?

Posted on by colin_williams

Information contained in the Land Registry House Price Index indicates the average price of property, as of March 2022, stood at £278,436.

While there was a 9.8% annual increase, there was a slowing down in the rate of growth from the 11.3% recorded in February of this year.

This is the first time there has been a slowdown in the growth of house prices since December of last year. In a challenging market, people are looking for any sign of change, and inevitably, some people are pointing out this could signal as a sea change in the property market.

We are not as convinced about this as others, but it is worth noting, and looking at in more details.

Will the market change soon?

There will be many people sitting on the side-lines of the housing market right now. If you would prefer different market conditions before making a move, you’ll be looking for signs of change.

Jeremy Leaf, a former RICS residential chairman, said: “Although this is the most comprehensive of all the UK’s housing market surveys, it is a little historic. Nevertheless, the figures interestingly highlight the beginning of the change in the supply/demand balance.   Rising interest rates and inflation contributing to a drop in real incomes is resulting in a reduction in quantity, if not quality, of enquiries. We don’t expect property prices to fall noticeably anytime soon while the huge shortage of stock in some price ranges and locations remains, particularly as so many are still on fixed-rate mortgages or do not need to arrange finance.”

While there are many reasons why property prices might fall, the fact is as long as supply outstrips demand, it is likely property prices will remain high, and continue to rise. There will be fluctuations in the marketplace, but anyone hoping for a swift change might find this doesn’t happen as quickly as they would like.

How are house prices faring in Petersfield?

It is always helpful to consider house prices in the local area. According to Rightmove, house prices in Petersfield are faring as follows;

“Properties in Petersfield had an overall average price of £467,538 over the last year.

The majority of sales in Petersfield during the last year were terraced properties, selling for an average price of £402,904. Detached properties sold for an average of £759,404, with flats fetching £256,185.

Overall, sold prices in Petersfield over the last year were 3% down on the previous year and 5% up on the 2019 peak of £445,153.”

As you can see, locally, property prices are 3% down on the past year, which stands against the national trend.

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 Offers Value For Money In Housing Market

Posted on by colin_williams

There is no getting away from the fact that value for money is essential when it comes to big buying decisions. As buying decisions don’t come much bigger than buying a home, this is something people need to consider.

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

This ensures we provide you with the best standard of service when it comes to whatever move you wish to make in the property market.

House prices continuing to rise across the country

The February data from the UK House Price Index for February 2022 indicates that on average, property prices rose by 0.5% in the month between January 2022 and February 2022. The annual increase of 10.9% means the average property in the United Kingdom holds a value of £276,755.

For the English property market, there was an increase of 0.9% in the average house of prices between January 2022 and February 2022. The annual price increase in England of 10.7%, is just less than the UK increase. The average property value in England stands at £295,888; which is greater than the average property value across the United Kingdom.

According to the UK House Price Index for February 2022, the average price of property in the South East of England stands at £380,528. This presents a 12% increase on the February 2021 figure, but a 0.3% fall on the January 2022 figure.

Average property price by type across England

  • Detached properties hold an average price of £469,095 representing an annual increase of 14.4%
  • Semi-detached properties hold an average price of £281,313 representing an annual increase of 11.3%
  • Terraced properties hold an average price of £238,145 representing an annual increase of 8.7%
  • Flat/maisonette properties hold an average price of £250,047 representing an annual increase of 7.8%

How is the Petersfield housing market faring?

According to Zoopla, the breakdown of property type prices in Petersfield is as follows:

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

In the past 12 months, the same source says there have been 254 property sales in Petersfield, and that the average sold price is £575,783.

For all the property types, the average sales price in Petersfield is higher than the UK average. This isn’t a bad thing, there are many different buyers looking for property, and we believe the Petersfield housing market offers considerable value for money.

If you are looking for guidance in the Petersfield property market, or for property in surrounding areas, we are more than happy 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.

Need Help Securing A Property Deal?

Posted on by colin_williams

With so much demand for homes, you would imagine buyers would be keen to conclude the deal as quickly as possible. However, a recent study indicates 32% of property deals fell through between January and March of this year.

A quarter of the transactions which collapsed did so because the buyer was unable to arrange finance.

It is vital that buyers and vendors aware of mortgage lenders tightening their criteria when it comes to offering mortgages. These are challenging times financially, and it is no surprise to see lenders acting in this manner.

The managing director of the company behind the study, Danny Luke, said; “Property prices have been climbing and climbing in recent months. At the same time, the UK has been experiencing a steep rise in inflation and lots of people are beginning to really feel the pinch from steep rises in the cost of living. It was inevitable that the squeeze on people’s wallets would begin to be reflected in mortgage companies’ affordability assessments. From our conversations with potential buyers and estate agents, it is clear that lenders are being more cautious about which properties they’re prepared to lend on and how much home buyers can afford to borrow in light of rising day-to-day living costs. Energy prices have already risen by 50% for most UK households, and they look set to increase even further through the latter half of this year and into 2023. That, of course, has a significant impact on homeowner affordability.”

There are many reasons why property deals collapse

While a more cautious approach by lenders is a significant factor in collapsed property deals, it would be wrong to suggest this is the only factor. Other reasons for failed property sales in the first quarter of this year included:

  • 34% of failed sales were down to the buyer changed their mind about the purchase
  • 25% of failed sales occurred because the seller stopped the deal, citing slow progress
  • 8% of failed sales are attributed to the buyer looking to renegotiate on the previously agreed sales price
  • 8% of failed sales are down to a change in the buyers’ circumstances

We can help you better manage the sales process

Danny also said; “The property market has defied many predictions over the last two years, remaining buoyant and thriving despite challenging external conditions. Demand has remained strong since the end of the stamp duty holiday, and a shortage of properties coming to the market has led to exponential house price growth. However, both buyers and sellers are beginning to show more caution. Steeply rising living costs and worries about future financial security will undoubtedly impact buyer confidence.”

Danny continued by saying; “It’s little surprise that 34% of failed sales are attributed to the buyer changing their mind about a property after agreeing on a sale. There is such stiff competition for properties at the moment, that it’s easy for buyers to be pressurised into agreeing to a higher purchase price than they’re comfortable with, in order to secure a property. A few weeks in, when the sale really begins progressing, it’s understandable that buyers might start to get cold feet about the agreed sale price – which accounts for 8% of failed sales – or pull out of the purchase altogether.”

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

Posted on by colin_williams

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.

Strong Start To 2022 Housing Market

Posted on by colin_williams

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

Posted on by colin_williams

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.

Property Prices Keep Rising

Posted on by colin_williams

As we make our way into 2022, it looks as though house prices are continuing to rise. This is something we have seen for ourselves at Williams of Petersfield, and it is apparent in the latest figures from a trusted source in the housing sector.

Latest ONS figures for English property market

According to figures published by the Office for National Statistics (ONS), average property prices in the United Kingdom, and for England, reached record levels in December 2021. The average price of property at the end of last year was £275,000. This was a record level, and it rose by £27,000 across the year.

For the UK as a whole, residential property price increased by 10.8% over the year to December 2021. For November 2021, the increase was 10.7%

In England, there was an increase of 10.7% for property prices for the year to December 2021. This is an increase on the 10.5% rise which occurred for the year to November 2021. Average house prices in England stood at £293,000 at the end of 2021.

What is happening in Petersfield housing market?

According to Rightmove, as of the end of February 2022, the Petersfield housing market is as follows;

“Properties in Petersfield had an overall average price of £510,827 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £783,004. Terraced properties sold for an average of £389,643, with semi-detached properties fetching £471,309.

Overall, sold prices in Petersfield over the last year were 14% up on the previous year and 15% up on the 2019 peak of £445,153.”

What are industry experts saying?

Jason Tebb, CEO of OnTheMarket, said: “Although this index is somewhat historic, it confirms what the market was witnessing as the year drew to an end – high levels of demand from buyers, combined with limited stock, further pushing up prices. If more interest now is how the housing market is faring as we head towards what is traditionally the busy spring period. While instruction numbers are increasing, the number of available properties is still some way short of meeting pent-up buyer demand. Sellers coming to market now may well find considerable competition for their home from the many motivated buyers keen to move and take advantage of competitive mortgage deals.”

Chris Hodgkinson, is the managing director of property investment specialists HBB Solutions, and he said: “We’re yet to see a let up in the torrential downpour of homebuyer demand that has washed over the property market pretty much since the start of the pandemic. As a result, those looking to sell are achieving a very good price which is driving property values ever higher. Current market conditions are so strong that even when transactions are falling through, sellers are securing another buyer immediately and for a higher price than they had agreed during their original sale. This won’t last forever though and those entering the market this year should tread with a little more caution. Although demand levels are likely to remain robust, buyers will start to feel the pinch caused by an increase in both the cost of living and borrowing. So sellers who persist with unrealistic asking price expectations will struggle to see them met.”

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

Posted on by colin_williams

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.