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After the Property Market Boom in 2021 how is 2022 Shaping Up?

After a remarkably busy 2021 where property prices climbed and volumes of property exchanging hands rose considerably, the question that many people are asking is will the strong performance of 2021 continue into 2022.

The simple answer seems to be a resounding yes!

Prices are now 9.5% higher than a year ago, the highest annual rate of growth since September 2014 according to the property portal Rightmove.
This month alone there's been a rise in asking prices of property coming to the market of 2.3% since last month (+£7,785) taking the average U.K asking price to a record of £348,804.

 This new record means that average asking prices have now risen by nearly £40,000 in the two years since the pandemic started, compared to just over £9,000 in the previous two years.

As the final pandemic restrictions now look to be ending, and returning to the office is encouraged or required by many businesses, London has recorded the biggest jump in the number of buyers sending enquiries of any region (+24%), a new price record, and its highest annual rate of price growth since 2016.

Tim Bannister from Rightmove comments that "As the final legal restrictions look to be ending soon, and more businesses are encouraging a return to the office for at least part of the week, we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces. High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month. The rising cost of living is undoubtedly affecting many people’s finances, especially those trying to save up enough for a deposit to get on the ladder or to trade up. However, despite rising costs and rising interest rates, the data right now shows demand rising across the whole of Great Britain, with many people determined to move as we head into the spring home-moving season.”

Sellers who are taking action now and starting the wheels in motion to get their properties on the market, are putting themselves in the best possible position to secure their next property. We see too many would-be buyers miss out on their dream home because they did not already have their current home on the market or sold (subject to contract), and were pipped to the post by a competing buyer in a better position to proceed with the purchase.
With the month of March traditionally the best month for selling then a buyer who is on the market now and has found a buyer will be in a strong position to secure their next home when we get into March and see the choice of property available to buy increase.

So if you are thinking of a house move and have a home to sell, all the evidence seems to point towards acting sooner rather than later. It seems the early bird may well get the worm when it comes to choice of new homes in Spring.