The beginning of the New Year will see a large increase of properties coming to the market. The hustle & bustle of Christmas will be over and people will be actively looking for somewhere to move. This gives current homeowners a chance to find a property that better suits their needs, whether it's upsizing, downsizing, or moving to a new location. January is the perfect time to make a change.
In November - December we saw an " unprecedented level of scarcity dominate the UK sales market ", according to Home.co.uk’s Half the Shelves are Empty report.
Supply is not meeting the demand and properties are being snatched up at lightning speed. All property types are seeing an increase in price and potential buyers.
Zoopla, the property portal website, are predicting that a turning point in the rate of house price growth will occur. They predict a rapid slowing down of property price increases from 6.6% down to just 3% by the end of 2022.
The BBC reports that the Office for Budget Responsibility (OBR) agrees with Zoopla. It predicts that house prices will see a slowdown to 3.2% in 2022 from their number of 8.6% Although the numbers aren’t exactly the same the important prediction is that property price increases will slow down in 2022.
speed will be of the essence as properties are being snapped up in a fast-moving market and choice of property type might well be reduced. Having a mortgage agreed in principle will be very helpful as you begin your house hunting expedition! This is especially true for first-time buyers who will be faced with a competitive property market where demand is outstripping supply.
Mortgage lender Halifax has also supported these predictions with a short comment of "growth will be broadly flat" in 2022
The message remains the same for seasoned homeowners – the current market situation is likely to remain for some time into 2022, so now might be the time to sell if you are considering a move. It continues to be a seller’s market and will be so for some months to come. Bear in mind that you will be faced with the same competitive and short-supplied market when you are looking for your new property.
Written by - Cameron Rouse
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