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.