With high demand for homes, it is fair to say many properties are selling quickly, and at a good price for the vendor. As buyers know they have significant competition in the market, they’ll often move quickly, and with a significant offer.
However, what of the homes that aren’t selling quickly? A study by Homesearch finds 52% of property which has been on the market for a minimum of 10 weeks haven’t been reduced in price. If vendors know the value and worth of their home, and are confident they’ll achieve this, it makes sense for them to hold firm while they can.
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Sam Hunter, chief operating officer for Homesearch, says: “Despite recent speculation that the housing sector would slow as a result of rising inflation and the cost-of-living crisis, our data shows that the market remains buoyant and sellers are confident of securing the highest possible price. The agents we speak to are reporting that many homes are still being agreed at, or above, asking price, well within the first few weeks of going on sale. This is largely due to the ongoing lack of supply which is keeping prices strong, though the desperate need to move appears to have left the market.”
Sam Hunter continued by saying; “Prices are more sensitive now than they have been over the last two years. A more balanced market is great news for the high-performing agents out there. If, as an agent, you’ve had a property for sale for over 10 weeks and not had a conversation about price then you are at risk of losing these instructions to competitor agents who do broach the subject.”
How are house prices in Petersfield faring?
According to Rightmove, as of the end of July 2022, the Petersfield housing market can be described as follows;
“Properties in Petersfield had an overall average price of £423,472 over the last year.
The majority of sales in Petersfield during the last year were flats, selling for an average price of £249,290. Terraced properties sold for an average of £411,998, with detached properties fetching £672,790.
Overall, sold prices in Petersfield over the last year were 15% down on the previous year and 5% down on the 2019 peak of £445,153.”
On paper, the drop in house prices in Petersfield over the past year might sound alarming, but this isn’t the case. There are many reasons for significant movements in the housing market, and as we all know, the last few years have been far from typical when it comes to buyer behaviour.
The current market in Petersfield is in excellent shape, and there is significant demand for homes in the local area. If you are looking to buy or sell, rest assured we are more than happy to help you achieve your goal in the Petersfield property 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.