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.

There Is Confidence In The Property Market

These are challenging times in the housing market, but at Williams of Petersfield, we believe there is significant confidence in the property market. We see this when we speak with clients, and we see this in the major studies carried out in the housing market.

Market analysis carried out by the Building Societies Association (BSA) found:

  • 30% of respondents think this is a good time to buy property
  • This 30% is a drop from the 37% of respondents who said March was a good time to buy property, which is likely linked to the tapering off of the stamp duty holiday period, and the increase in property prices

What matters to home buyers?

The study spoke to people who are likely to move home or who will buy their first home in the next six months, and the following findings were made:

  • Location remains the leading priority for property buyers
  • 73% of respondents said obtaining more private outdoor space was vital, which represents a significant rise
  • 62% of respondents said moving away from built-up areas and being closer to nature was important
  • Finance was an important factor too, with many people looking to move to better manage their mortgage payments:
  • 51% of respondents cited reducing their mortgage payments as being a driving factor in switching
  • This represents a big increase over the 37% of respondents who cited this in December 2020
  • 59% of respondents said raising a deposit was likely to be the biggest barrier to them stepping on the property ladder
  • A lack of job security was cited by 48% of respondents, which is high, but less than the 68% cited by respondents in September 2020

Paul Broadhead, Head of Mortgage and Housing Policy at the BSA, said: “These latest results are an encouraging sign that the impacts of the Covid-19 pandemic are starting to fade for many, as confidence in the housing market remains strong. There’s no doubt that the government support measures introduced over the last 12 months, such as the Stamp Duty holiday, have been key drivers of the confidence we see. It does however appear that the market will remain buoyant as these incentives come to an end.”

Paul continued by saying; “Whilst the Nationwide Building Society House Price Index reports house price growth of over 11% in the last 12 months, and our research shows 50% of the public think further price rises are likely in the coming 12 months, it’s not surprising that raising a deposit has returned as the biggest challenge for those wanting to get on the property ladder. It’s therefore good to see that in addition to a number of societies supporting the government’s First Homes initiative, many have also re-introduced low deposit mortgages as part of their standard mortgage range.”

Paul Broadhead concluded by saying; “Amongst all the positive signs in the housing market, it’s important to note that almost half of the respondents have concerns about their job security. Whilst this is a declining trend, it remains clear that there are many people for whom the pandemic continues to have a negative financial impact and it’s important both for lenders and government to ensure that appropriate safety nets are available to give households the support they need when they need it”.

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.