Information provided by Rightmove indicates this is the sixth month in a row that a price record was achieved. The increase was 0.4%, so it was a modest one, rising by £1,354. This took the average price to £369,968.
As you are probably aware, the demand for property far exceeds the supply of homes. Compared to demand for property at this time in 2019, there is currently 26% more demand for homes. However, if you compare this to this time last year, the current demand is 7% less.
It is amazing that demand remains so high
This isn’t a surprise, there have been a lot of property moves in the past year, and of course, there are many financial issues for households to contend with at this point. It is perfectly natural for property demand to waver in light of the cost-of-living crisis, so in that scheme of things, the market is holding up extremely well.
If you are looking for guidance or assistance in the housing market, we are more than happy to help. We are local housing market specialists in Petersfield, and we stay in touch with what the experts say. If you are keen to make an informed decision in the housing market, we have everything you need.
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Tim Bannister from Rightmove said; “Having more new sellers this month is a win-win for the market, as these sellers will likely achieve good prices for their homes given the sixth asking price record in a row that we’ve now seen, which may help to explain the increase in new stock coming to market over the last year. For those looking to buy, it means more choice, and a slight easing in competition against other buyers while the market is still moving very quickly. In the current fast-changing economic climate, those looking to buy who find a suitable home they can afford may choose to act now rather than wait. While more choice is welcome news, the number of homes available remains well below the more normal levels of 2019 and is unable to satisfy the continued high demand that we’re seeing.”
Tim Bannister concluded by saying; “Though a softening in demand is moving the market from a boil to a simmer, it remains 26% up on 2019. With such an imbalance remaining between supply and demand, prices look underpinned, and we would therefore only expect typical smaller seasonal month-on-month falls, rather than more significant price falls in the second half of the year. This has led to us revising our annual price growth prediction for the end of the year from 5% growth to 7%, although this would still mark a slowing from the 9.3% seen this month.”
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.