After the eighth successive month of house price growth was reported by Halifax this week, Rosie Spours, Valuer and Branch Manager with youngsRPS Alnwick gives us a glimpse of what the experts say is happening in the property market nationally and how that compares closer to home. Here's what they say:
After the eighth successive month of house price growth was reported by Halifax this week, Rosie Spours, Valuer and Branch Manager with youngsRPS Alnwick gives us a glimpse of what the experts say is happening in the property market nationally and how that compares closer to home. Here’s what they say:
“Strong demand and continuing low numbers of homes for sale set the housing market frenzy to continue into the start of 2022. The number of buyer enquiries is 15% higher than the same time last year. Homes available for sale per estate agent branch drops to a low of 12. As a result, competition among buyers is almost double what it was at this time last year. There are early signs that more property choice is on its way with the home valuation requests early in January up 44% on last year and up 48% on 2020. All the signs suggest prices are likely to continue to rise until more choice is available for buyers.”
“New buyer enquiries gain momentum at the start of the year. Stock remains tight, continuing to underpin house price growth across the country. However, market appraisals increased for the first time since June 2021.”
On initial investigation, strong buyer demand andfewer homes for sale fuelled by the previous years’frenzied buyer activity sustain the robust sellers’market and rising house prices. A post-Christmasflurry indicated a more positive outlook for both buyers and sellers for 2022, however this wasbefore the invasion of Ukraine and the predicted increased cost of living here in the UK as a result of the conflict. As we head into spring, which is traditionally a busy time of year for estate agents up and down the country, you should anticipate a steady flow of new homes coming on to the market but expect them to sell quickly.
The housing market nationally continues to defy economic conditions, with further research from Halifax stating average property prices rising byanother 0.5% in February.
Demand for homes in the North East continuesto grow with reports showing house prices haverisen by roughly 5.9%. over the last 12 months butthe December increase in interest rates to 0.25%will no doubt stifle the rise in house prices. Thegreat escape to the country continues alongsidethe relocation of HM Treasury to Darlington andlooks set to do so for some time, fuelling demand for properties in the region.
We are expecting a closer balance betweendemand and supply in the months ahead andhave seen a huge rise in requests for sellervaluations from all six of our offices across theNorth East and Yorkshire, with homes for sale likely to follow.