PROPERTY MARKET UPDATE - WINTER 2022
We have now seen the end of the stamp duty holiday and the furlough scheme and it will be interesting to see what effect these two changes will have on the local property market as we move through the Winter months.
Over the Summer we found that people were not placing their property on the market as they could not find suitable properties to match their requirements which, coupled with the Euro football championship and the holiday season, became something of a distraction to purchasing a property and moving home. However, as we moved through Autumn it did seem that people were doing what usually happens in the Autumn market and placed their property for sale to be in a good position to purchase the right property to suit their requirements if this should come to the market.
What has happened in the property market over the past 18 months has been exactly the opposite to what a number of pundits had forecast, with people who wanted to purchase their first home or move to a larger property taking advantage of the stamp duty saving which came to an end in June 2021 for the first £500,000 and in September for up to £250,000. The activity these deadlines created lead to average house prices increasing by over 10% in our region.
With mortgage rates being at some of the lowest levels we have ever seen, taking out a mortgage will often be cheaper than renting a similar size property – so we therefore anticipate a good level of sales activity as we move into 2022.
If you are considering a house move please call one of our local offices and we will be only too pleased for one of our valuers to come and meet you at your home and carry out a market appraisal and valuation.
