2021’s housing market was defined by people’s sustained desire to move coupled with decreasing numbers of homes for sale, and this continues as we enter a busy New Year.
Asking prices traditionally see a rise in January, though this month’s figure is compared with an unusual drop in January last year as the rush to beat the March stamp duty deadline started to abate. The result is that national average asking prices are now 7.6% higher than this time last year
New Year sellers and buyers have been quick off the mark this year, with Rightmove recording the highest ever number of Boxing Day sellers coming to market. These early-bird sellers, who got themselves ready to come to market, are now benefitting from the busiest start to the year that we’ve ever recorded, with the number of prospective buyers enquiring about homes up 15% on this time last year.
All of the signs suggest that prices are likely to continue to rise until more choice is available. Three regions are in most urgent need of new supply, the East Midlands, South West and South East of England, with rates of annual price growth above 10%.”
There are early signs of more property choice coming to market soon. Encouragingly, the number of requests to an estate agent to value a property, traditionally the first part of a seller’s journey in coming to market, was up by 44% in the first working week of 2022 compared to the same period in 2021, and up by 48% when compared to 2020. This first working week was the busiest ever opening to a year for home valuation requests, and the first working day, 4th January, saw the fifth-highest number of valuation requests in a single day that Rightmove has ever recorded.
Almost 40% of people enquiring about a home who have a property to sell say that they are yet to put it on the market. In the current market, where they are competing against other buyers who are able to move more quickly, this is likely to mean they’ll miss out on the home they want. To put yourself in the best possible position to proceed, you should become a ‘power buyer’, by making sure your current home is on the market or preferably sold subject to contract first, before starting the search for your new home.”
If a move is on the cards for you this year there is lots to consider and there are great rewards to be had for sellers - so do please contact my colleagues to find out more.
Just pick up the phone and get in touch with us at Crane & Co, we’re here to make sure that sellers are fully educated about the opportunities that exist and to combine our knowledge and expertise into your home moving plans this year.
We hope to hear from you soon!
Call on 01323 440678 or email sales@craneandco.co.uk.