Many people are sitting and waiting to see what the state of the housing sector will be upon the arrival of 2022, and change may not be apparent as soon as the new month arrives. So, will house prices rise again or not? It may take months for the real state and calming of the 2021 housing boom to showcase its future outlook.
Outlook
Whilst average prices fall by 1.1 per cent in December as a result of buyer and seller deals agreed in the autumn, impacted by the end of the stamp duty holiday and fall back to normal demand levels – the prices agreed between buyers and sellers from October and November will be reflected by a 2.5 increase in January, most likely due to the severe shortage of new stock hitting the market.
House price growth in 2022 is seen as inevitable when based on transactions currently underway, with the autumn’s strong market performance against a lack of stock and increasing levels of buyer demand helping to support prices.
Back of Christmas
Over Christmas, there has been some added fuel to impact the housing market buyer sentiment, with the current spread of the Omicron variant bringing a lot of uncertainty and concern over working conditions or employment, as well as inflation and economic growth.
With interest rates currently remaining very low, the first rise feels very significant and highlights that despite the escalation of the covid-19 situation, the Bank of England will not hold back on tackling rising inflation.
With rising borrowing costs impacting the ability and suitability of first-time buyers continuing their ascent on the market, those currently in the position to buy may find themselves pressured to flick the switch and secure a fixed rate deal as soon as they can.
Stockport Scene
Will house prices rise again in Stockport? Those still actively looking to buy property in Stockport, the northwest’s highest sought borough, are jointly concerned about the availability of housing in the area – fighting off not just first time buyers, but also people coming from other parts of the country who have realised that they do not need to travel to the busy office to work, and prefer a more rural countryside setting.
With national and high street estate agents Stockport seeing record numbers of enquiries over the last year, and many more people looking to secure a property very quickly – the call from people enquiring how to sell a house is all-important. Those who have been sitting on their decision to make a move and sell up are standing in great stead for the next month at least.
Contact the team at Joules estate agents today for all buy property advice.
