Whilst many are trying to secure their keys and others hoping to sell theirs before Christmas, it is good to know that the housing market forecast 2022 still holds strong for the North West, with average house prices higher than they have ever been in September.
Whilst the end of the stamp duty holiday and the desire for homebuyers to close deals at speed has played a part in the rising figures, it is also important to remember that the majority of mortgages agreed in September would not have been completed before the tax break ended.
Race for Space
Multiple factors have played their part in house price developments during the pandemic. The large ‘Race-for-Space’ saw those seeking changes to their lifestyles and preferences have a huge impact on the housing sector.
Over the last year, prices on flats have gone up 6.1 per cent in comparison to semi-detached properties at 8.9 and detached at 8.8. The cash increases translate to a figure of nearly £41k for detached against just £6,640 for flats.
2021 has been the most chaotic and unpredictable year for both buying and selling homes, with uncertainty and demand still outweighing the supply as we stand. In June, the sudden urge and rush to buy before the end of the stamp duty holiday deadline had seen congestion and slowing of the home buying process frenzy.
With the majority of 2021 behind us, many are expecting the autumn to make way for things to gradually return to normal for home moving. Against the backdrop of rising living costs and tax increases, the demand for housing may see a slowing over the next few months, but determining the future of house prices remains the limited number of properties available on the market.
This year has seen many surprises for the team at Joules estate agents Stockport, with sales not only increasing at a dramatic rate but some offers flying through for properties that are almost immediately listed.
Those actively seeking to buy property in Stockport are not only trying to beat everyone else in the area from first-time buyers to second home hunters from laying hands on that priceless set of keys but also buyers from inner-city areas such as London and Birmingham looking for more rural escapes following last year’s lockdowns.
A Better Outlook
The good news for those looking to buy property in Stockport is that more properties will continue to become available into 2022. Whilst some people will use the seasonal break to put their househunting on the sidelines in favour of an ability to get away over Christmas and new year (which was not on the cards the year previous), it gives an opportunity for an area of catch up for those looking to list their properties over the winter period for a new year rush.
Whilst many media outlets let scaremongering take centre stage for sensationalism, the market is still strong and has just as good an outlook for the housing market forecast 2022. If you need knowledge and experience in how to sell a house or to buy property in Stockport, contact the team at Joules today.