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Charles Hunt, Senior Partner at Stags, examines the property market so far in 2022 and offers his predictions and advice to those looking to sell their home.
We’ve seen a strong start to the property market in 2022, with viewing numbers escalating every week and currently around 11% ahead of the same time in 2021. Couple this with the number of valuations increasing by 56% compared to January 2021, and it is clear that there is growing momentum to move home in 2022. Whilst supply remains constrained, the indications are that this will change as we move into the Spring months. Consequently, if you are thinking of selling your property and wish to benefit from increased buyer competition, now is the time.
January and February are typically quieter months, with buyers and sellers awaiting the Spring market. However, with the West Country taking three spots in Rightmove’s top searched-for locations, demand for West Country property is still increasing. Combined with a low supply, the competition among buyers is almost double what it was at the same time last year. This has led to premium prices being achieved for property, such as in Taunton, which had the highest price rise in the country last year at 20.8%.
Additionally, economic factors such as increasing interest rates present long-term restraints on house price growth. Inflation is at a 30-year high of 5.4%, which resulted in the Bank of England base rate rising to 0.25%, with a further rise today to 0.5%. So far, this seems to have had very little impact on the housing market, but further rate rises are anticipated later in the year and this will potentially have an impact on buyer confidence.
Therefore, to take advantage of the increased competition among buyers whilst supply is still low, and with emerging economic factors that may impact buyer confidence, we strongly recommend not to delay if you are considering selling your property.
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