Residential news: What do our experts say about the property market!

After the eighth successive month of house price growth was reported by Halifax this month, Rosie Spours, Valuer and Branch Manager with youngsRPS Alnwick gives us a glimpse of what the experts say is happening in the property market nationally and how that compares closer to home. Here’s what they say:

Rightmove
“Strong demand and continuing low numbers of homes for sale set the housing market frenzy to continue into the start of 2022. The number of buyer enquiries is 15% higher than the same time last year. Homes available for sale per estate agent branch drops to a low of 12. As a result, competition among buyers is almost double what it was at this time last year. There are early signs that more property choice is on its way with the home valuation requests early in January up 44% on last year and up 48% on 2020. All the signs suggest prices are likely to continue to rise until more choice is available for buyers.”

RICS
“New buyer enquiries gain momentum at the start of the year. Stock remains tight, continuing to underpin house price growth across the country. However, market appraisals increased for the first time since June 2021.”

Rosie YoungsRPS
On initial investigation, strong buyer demand and fewer homes for sale fuelled by the previous years’ frenzied buyer activity sustain the robust sellers' market and rising house prices. A post-Christmas flurry indicated a more positive outlook for both buyers and sellers for 2022, however this was before the invasion of Ukraine and the predicted increased cost of living here in the UK as a result of the conflict As we head into spring, which is traditionally a busy time of year for estate agents up and down the country, you should anticipate a steady flow of new homes coming on to the market but expect them to sell quickly. The housing market nationally continues to defy economic conditions, with further research from Halifax stating average property prices rising by another 0.5% in February.

Demand for homes in the North East continues to grow with reports showing house prices have risen by roughly 5.9%. over the last 12 months but the December increase in interest rates to 0.25% will no doubt stifle the rise in house prices. The great escape to the country continues alongside the relocation of HM Treasury to Darlington and looks set to do so for some time, fuelling demand for properties in the region.

We are expecting a closer balance between demand and supply in the months ahead and have seen a huge rise in requests for seller valuations from all six of our offices across the North East and Yorkshire, with homes for sale likely to follow.

If you are thinking of buying or selling you can speak with any of our property experts at your local youngsRPS office. We have branches located on high streets across the North of England where our in-house experts can provide you with clear and impartial information to ensure you receive the best possible advice.