Should I Move House in 2022?
Wow, what a year 2021 was for the housing industry. 1.5 million properties were sold and £200bn was borrowed to move house1 Now we have had time to reflect on our own successes, we want to make sure that we help those selling homes or looking to find their dream home in 2022.
While 2021 was unconventional, due to limited stock of properties, mainly because first time buyers returned to the market due to the mortgage availability and the stamp duty holiday, the lack of properties available has kept demand strong and maintained the higher values created through 2020/21. However, there is some positive news for 2022, as the housing market has started competitively with more people looking to move house and therefore housing stock is slowly increasing. Zoopla’s research shows that 22% of people currently want to move, significantly higher than the usual 5% in a normal market2.
In October 2021 average house prices increased by £20k across the UK, however it is predicted that transactions will go back to the normal rate in 2022 and we will see 1.1 million to 1.2 transactions which is more normal than 1.5 million as was seen in 2021. There is also a plateau on prices, however the rise we saw in 2021, has become the ‘new norm’ so we effectively have a new base rate on the ‘bottom value’ that looks to continue but that doesn’t mean it will rise.
Valuations are up and there has been a 19% jump in January, in the number of people requesting for estate agents to value their home compared to the same period last year according to research by Rightmove3. So, if valuations are up, more people are looking to sell their own homes and therefore there will be more housing stock available, so prices should slow down.
With more people looking for new homes, mortgages more readily available and those people who held off selling in 2021 now looking to sell in 2022, and still the requirement for homes to cope with both living and working, now could be the time to put your house on the market.
Zoopla also predicts that House price growth is expected to end 2022 at 3%, with growth likely to be strongest in the East Midlands and North West and weakest in London4.
So, fingers crossed 2022 will be the year you find your dream home. For a valuation or for help buying a home call 01564 791010 or email hello@ebandp.com
Credits
2 https://www.zoopla.co.uk/discover/property-news/whats-in-store-for-the-housing-market-in-2022/
4 https://www.zoopla.co.uk/discover/property-news/whats-in-store-for-the-housing-market-in-2022/
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For information on how to get the best offer on your home in 2022 https://www.ebandp.com/blog/how-to-get-the-best-offer-on-your-home-in-2022
