The pandemic was a tumultuous time for us all – and the property market was not immune. As things begin to normalise, some pre-pandemic patterns are returning to property trends.
Q1 2022 was the fifth busiest quarter since 2007, according to HM Revenue and Customs. Likewise, data1 analysis has found that UK properties are selling twice as fast as in 2019, with the average property now taking just 33 days to sell.
Up and up and…?
2021 was a record year for house prices and this soaring growth has continued in 2022. The numerous property price indices mostly concur that year-on-year growth in April 2022 was about 10%. After such frenzied activity, many experts now expect house price growth to slow for the remainder of the year.
Supply, meet demand
Part of the reason for slowing house price growth is likely to be increased supply. The number of new homes listed for sale has risen for the first time in a year, with +8% of respondents to a recent industry survey2 reporting an increase. Meanwhile, new buyer enquiries are at +9%, making this the closest supply has been to demand since the pandemic.
With the war in Ukraine and soaring inflation, this is undoubtedly a challenging time for many. Indeed, seven in ten3 potential first-time buyers (FTBs) now expect to delay their plans to buy in the next two years because of the growing cost of living.
Finally, 2022 is already setting new records; 73% of property buyers so far this year have been chain-free4.
On the ball
There’s plenty going on in the property market right now… and we’re keeping track of it all! Whatever your situation or plans, we can help you achieve your property aspirations.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.