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.