Our Housing Market Update - July 2022 12.07.22
If you're thinking of selling your home, we have some good news for you. Since the beginning of the pandemic, we have observed an increase in house prices and the growth rate is now at it's highest in 18 years.
With this in mind, now could be the perfect time to put your property on the market.
There has been an imbalance between demand and supply for a while now, with demand far exceeding the available supply. This has caused house prices to rocket, with annual growth reaching 14.3% this April. The average UK house price is now at a record high of £286,079.*
Due to these market conditions, the number of sales completions has remained consistently high and is expected to remain high in the upcoming months. If you're looking for a smooth sale, now is an ideal time to sell.
*According to Halifax House Price Index
As summer approaches more houses are beginning to come to market, however it is still much lower than current demand, meaning there will be little impact on the rate of house price growth.
On the other hand, the rental market is seeing little increase in supply, so the imbalance between demand and supply remains in place and rental value growth remains high.
In terms of borrowing money, mortgage rates remain low despite the increase in base rate. Whilst the cost of living is rising, it will have little impact on the housing market in the short term.
However, in the long term , these rising costs are set to squeeze household budgets which will stunt house price growth, and activity in the market is likely to decline.
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