30 May Property demand in 2022 – What’s in store?
Whilst experts feared that the housing market would decline and house prices would fall during the pandemic, we actually saw the opposite effect. In summer 2021, demand soured as buyers took advantage of the stamp duty holiday, with demand peaking around the deadline dates.
But what is in store for 2022? Now the stamp duty holiday has ended, and the cost-of-living crisis worsens, the property market and house prices are expected to stabilise.
Over the past year, the housing market has become very volatile as property demand rocketed in response to the pandemic and also the government cutting stamp duty.
This caused mismatch between demand and supply, with demand for property that far exceeded the supply, so competition between buyers was fierce, with many bidding wars pushing house prices upwards.
Whilst this has advantages for sellers, with properties selling in an average of 30 days* and 98% of our properties for sale selling for their asking price or above, it has meant that nine out of 10 house hunters have been affected by supply shortages**.
However, the good news is that after months of low stock, there are signs that supply is beginning to rise.
Whilst demand remains high and interest rates are still competitive, now could be the perfect time to sell your property. We offer free, no obligation valuations, get in touch today to book yours.
*According to Rightmove – Yorkshire & Humber region, May 2022
**Research conducted by Savills