housing market forecast 2022

Housing Market Remains Strong for the 2022 Calendar

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.

Autumn Outlook

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.

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purchasing a second home

Are Second Homes to Continue an Increase?

One of the more surprising rises in popularity over the last year is the frantic pace wealthy families have been in to, which is purchasing a second home. The holiday home boom that was established after the first lockdown of 2020 is still in effect, as currently more and more buyers are open to the attraction of a second home.

Higher Transactions

The number of transactions liable for the second home three per cent stamp duty surcharge hit a new high of 84,700 in this year’s second quarter. Whilst this number includes buy to let investors taking advantage of the stamp duty holiday, it remains the single largest quarterly figure since 2016 when the Higher Rates for Additional Dwellings surcharge was introduced.

This has been something that has been happening nationally, with reports that people down south look for second homes in the North West countryside or rural areas, taking full advantage of this point in time and the availability of affordable housing.

Trigger Effect

The trigger effect happened during the first global lockdown where wealthy families were not permitted to travel to any destination that they would usually take for seasonal breaks. Their lack of freedom and movement created an urge to have somewhere to retreat to the outside of their current environment.

The sudden realisation that working from home would now become so easy to onboard suddenly made families realise it could be done from anywhere, with freedom not to have to travel into the city to attend meetings and use online video platforms moving forward. This had a dramatic change on their lifestyle ambitions in the ability to purchase a second home to switch between and receive the best of both worlds.

Second-home purchases outside of London increased by 83 per cent in 2021s first eight months, with a large percentage looking to buy property in Stockport, rural Manchester or Cheshire areas.

Greener Pastures

The appeal of greener pastures in the countryside has many families wanting to shift focus there for a second home, feeling that if a pandemic was to have another round and international travel be suspended again, there would still be enough of a change between properties to feel like a getaway.

Estate agents Stockport are seeing many enquiries for second home purchases, racking up against the increased demand from first-time buyers and people looking to upscale to bigger properties or get off the rental market. Racing against the supply of housing currently available on the UK market, now the housing market is seeing dead heat races to secure housing well into next year.

For those looking to buy property in Stockport, looking at how to sell a house, or wanting to purchasing a second home, contact the team at Joules Estate Agents today.

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house offer over asking price

Asking Prices At Record High

Record numbers of properties on the market are selling above their desired price as many are putting in a house offer over asking price to ensure they secure the property. A report showing from August has revealed. Despite the summer lull, a reported 37 per cent of properties have sold for above their original asking price, which is 31 per cent up on July and the highest recorded figure for August on record.

Record Figures

In August 2020, it was reported that only 13 per cent of properties breached the above asking price on a sale. Sales agreed were down from 10 in July to 9 per branch in August, along with a drop in the number of properties available from 28 to 23 per branch in that period.

As it currently stands, there are 19 buyers for each property currently available on the market. First-time buyers provided a sale has reached its highest level since June 2020 with a rise of 28 per cent from 20 the previous month.

With the increase in buyer demand, the average number of house hunters registered per estate agency is at 435, up from July’s figure of 428. This is a 10 per cent increase from a year prior when demand was at 396.

Fuelled Interest

The enduring appetite among buyers, including the ongoing swath of new buyers eager to secure their first homes, is setting a race against the supply chain which is struggling to meet demand.

With lifestyle changes fuelling the need to secure a new home, buyers are putting in a house offer over asking price to ensure they secure the property as they are looking to upscale for a future that provides a different setting than they are typically used to. The desire for green space, home office ability and flexible living is something that will be a drive for moving into new properties for many years to come.

Buyer demand is currently double of pre-pandemic levels per property, with the average time to secure a buyer being 37 days in August. With the sector playing catch up with the stock at record lows, signs of a better-balanced Autumn season are starting to weigh in with September’s early weeks showcasing new sellers stepping up at 14% higher than August.

Autumn Buzz

As Autumn is typically a busy period for the housing sector, sellers who have hesitated so far-seeing this as an opportunity to get plans underway. With several quick sales offers open to them as soon as they list their properties, it may become the hottest item for Christmas in December.

With the frantic activity of people wanting to buy property in Stockport and those preparing to make plans in how to sell a house, it is no surprise that estate agents Stockport are finding it a race against time to get people into their homes.

Contact the team at Joules Estate agents in Stockport for all buying and selling property enquiries.

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when is the best time to sell a house

What Keeps You From Making the Move?

With the record sales of housing in 2021 continuing on a path into 2022, and demand still outweighing supply as it currently stands, there are still people who not only are holding out on their decision to buy property in Stockport but also those holding out on movements towards selling a property, and wondering when is the best time to sell a house.

There may be many reasons behind some people’s hesitation to either getting on the property ladder or keeping their home off the market at this time or at least some key concerns that may not be being addressed to satisfy the movement of action.

Predictable Cycles

The typical calendar year follows a predictable cycle where the average house price in the Autumn months – September, October and November – would usually sit at around £240k. Always a busy time of the year, this goes a long way to explain why prices and demand hold steady whilst Christmas plans begin to come into play and the last grasp at a sunny getaway start to take priorities.

The Winter months – December, January and February – sees the average house price climb even further, typically to around £243k. Whilst some feel the colder period combined with the holiday season is not ideal for moving, those looking to sell find a slight increase in price looking to sell. Although those looking to sell could be looking at the windfall of selling their homes in the Spring months – March, April and May – when prices hit an average high of £245k and people are generally more motivated to begin the purchases before the summer rushes take effect.

As the summer rolls around, there is typically a decline in interest in sales due to the average price of around £237k and people are more interested in spending on lavish getaways than securing a house.

The Time Being Right

Many people are unsure due to the instability they feel in the UK right now, especially when it comes to employment, Covid variants and the sudden switching and uncertainty regarding the UK landscape.

Many people choose to sit it out and feel a sense of risk aversion, unsure if the sale of a house will fall through or a mortgage will be denied due to factors over the last year affecting earnings and eligibility. Many people do not want to face a reality that they may not be able to join the many currently taking full advantage of the UK market for housing opportunities, or suddenly not get a sale on a house for a price they want.

At this moment in time, there is no better time than to get things moving, and with the right personalised guidance and approach from independent estate agents Stockport, you can be sure that the results have a more sensitive approach to your concerns.

When is the best time to sell a house? Contact the team at Joules estate agents Stockport today for peace of mind on the right rung of the housing ladder.

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booming housing markets

Market Boom Set For Long Haul

2021 has been a year of unforeseen highs and expected impending lows for the housing market, with uncertainty being a shadow over the UK and how supply and demand will balance the scales following the end of the stamp duty deadline. As of right now, the strength of the booming housing markets are expected to carry through to 2022 due to the ongoing stock shortage.

Strong Signs

Whilst the reduced level of activity following the deadline of June 30 has been noted by most, the signs of the booming housing markets remaining strong have come from a variety of sources.

The stock of homes for sale is down 26.4 per cent compared to the 2020 average, with the low supply set to have an imprint on the market well into 2022. Also of note is the fact that properties are selling at a much faster volume, with the average time nearly at half of 2019 at 26 days. 2019 was averaged at around 49 days.

The increase in sales numbers over the past 12 months has seen one in twenty homes changing hands compared to one in twenty-five from 2019, with the stock shortage at its worst for homes priced up to £350k. Family homes supply has found itself much more stretched with average house prices rising 7.6 per cent in the past year, whilst flats increased by only 1.2 per cent on average.

First-Time Buyers

New listings on the market are now running around 5 per cent below average, whilst increased activity from first-time buyers and investors is absorbing stock that is struggling to replenish.

First-time buyers have been on an active increase throughout 2021, backed by lenders who have been able to reintroduce higher Loan to Value mortgages. Investor demand has gone up 21 per cent due to the boost of stamp duty relief and the supply of new homes, which slowed due to the construction industry hiatus during the first lockdown, is down 11 per cent.

Whilst supply has started back strong, the dip has had an impact on the volume of available properties to buy.

Stockport Satisfaction

For estate agents Stockport, the post-pandemic reassessment of the home has provided a larger increase in business for those looking for more natural and rural surroundings, which has created a higher than usual demand for affordable housing in and around Stockport.

As 2022 edges closer, the strong start to the year and expected seasonal trends will be expected to present more usual levels of activity among first-time buyers, with even more for those looking at how to sell a house standing to get greater levels of interest.

Even with the surge in activity and struggle to meet demand present, those looking to buy property in Stockport can contact the team at Joules today, the number one independent estate agents Stockport.

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the housing market

Exodus to the North West Continues to Show Strength

Whilst things are starting to get back to business as usual following a turbocharged year for the housing market, one area that still holds strong is the flow of purchasers from the South, such as London, towards more market town locations in the Northwest such as Cheshire, Stockport and Manchester Burroughs.

Shift Towards the Green

The continued demand for new ways of living was a core value in the decision for many families to shift location to more rural areas where space has been plentiful. This demand is now seen to be a continuing factor in the housing market for many years to come.

As London activity levels are very strong and currently outperforming all predictions, the rural areas of the northwest are currently witnessing a record high for enquiries and interest from previous city dwellers from the South.

Whilst uncertainties still surround the global pandemic and the economy as a whole, many people have found satisfaction in home-based working or establishing their own home-based business online, which in turn has led to more desire for comfort levels in their choice of home.

Moving Up

Whilst unemployment and returns to office working have slightly dampened the buyer demand to an extent, the activity of moving to areas within the Northwest or further upwards is expected to last for many more years to come, with many finding their opportunity to escape city life due to affordability, timing and circumstance.

The permanent shift in behaviour and lifestyles is now the driving force for buying up available property in the areas of Stockport and Cheshire, providing a new factor in the housing market and a hot selling point for people looking at how to sell a house in these areas.

The appeal of flexible living outside of the South post-Covid has had a seemingly permanent change in the way people now accept working conditions and the way we adapt them to our living. This effect has been initially forced onto people and now comes with so much comfort that we may never return to the way we used to separate our lifestyles.

Shift in Living Focus

As the remaining restrictions are lifted, we are seeing more and more people hesitant to return to full-on pre-Covid lifestyles, and many more fleeing the crammed city environments for space and natural environments in smaller market towns.

People who seek better value for money, higher standards of living and enough room to have a garden and office space in a property are keen to leave the rat race to have forever homes in areas they had only previously dreamt of owning, with estate agents Stockport seeing a dramatic increase in out of county enquiries.

For more information on enquiries to buy property in Stockport, contact the team at joules today.

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