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Spring 2022 Market Report: Moving into spring

Posted on: Tuesday, April 5, 2022

The desire to move remains on the agenda for many, with little sign yet that economic headwinds are impacting the property barometer dial.

 

Sales

Standing firm

2022 has started strongly. Sales volumes in January are predicted to be 10% higher than their long- term (2012–2021) average and, except for a year ago, are the strongest since 2007 (Dataloft, HMRC). Buyer demand remains steadfast, up 16% year-on-year (Rightmove). Property price growth continues to be sustained; annual price growth in the year to January was at its strongest in over 15 years (Nationwide). Rightmove reported the biggest monthly jump in the asking price of a newly listed property since 1994 and when asked, the majority of agents are still expecting price growth over the next three- and 12-month period.

Sales volumes in January are predicted to be 10% higher than their long- term (2012–2021) average

 

Winds of change

Although the quantity of property for sale remains low, with the Royal Institution of Chartered Surveyors (RICS) reporting stock levels per agent at a record low in January (barring the market closure in spring 2020), there are signs of change. New listings in January rose 11% year-on-year, with Rightmove noting a substantial rise in home valuation requests – an indication that many are looking to sell before they buy in current conditions. These should feed through to agents’ books over the coming months. Historically, March is the strongest time to sell, with the highest number of buyer enquiries per property for sale.

New listings in January rose 11% year-on-year, with Rightmove noting a substantial rise in home valuation requests

 

Sunshine and showers

Across the UK, governments are announcing their plans for ‘living with COVID’ and hybrid working is bedding in. With economic growth of 7.5% over the course of 2021, the UK economy is close to its pre-pandemic level. However, consumer confidence remains on edge due to the rising cost of living. Increases in the cost of food and clothing, along with rising fuel and energy prices, look set to squeeze many household incomes. Savings made during the pandemic might provide a cushion in the short term, and while interest rates may well rise from the current 0.5%, they remain low by historic standards.

 

Lettings

Rental demand soars

Demand for rental property is at an all-time high, with Rightmove reporting that renter demand is 17% higher than in January 2021, and up 33% compared to January 2020. Like the sales market, a shortage of property to let is underpinning prices, leading to rises in average rental values in all areas of the UK. However, many landlords are keen to keep existing renters: 76% would maintain a rent level if they were happy with the existing renter (Dataloft, Property Academy, 2021).

 

Demand for rental property is at an all-time high

 

Regional Reports

Browse our Regional Market Reports:

●          Market Report 2022 Spring East Midlands

●          Market Report 2022 Spring Essex, Norfolk and Suffolk (East)

●          Market Report 2022 Spring Hertfordshire, Bedfordshire and Cambridgeshire (East)

●          Market Report 2022 Spring London

●          Market Report 2022 Spring North East, and Yorkshire and The Humber

●          Market Report 2022 Spring North West and North Wales

●          Market Report 2022 Spring Northern Ireland

●          Market Report 2022 Spring Scotland

●          Market Report 2022 Spring South West - Devon and Cornwall

●          Market Report 2022 Spring Southern Home Counties - Surrey and West Sussex

●          Market Report 2022 Spring South East

●          Market Report 2022 Spring Southern - Hampshire, Wiltshire, Dorset and Isle of Wight

●         Market Report 2022 Spring Thames Valley, Berkshire, Oxfordshire and Buckinghamshire

●          Market Report 2022 Spring West of England and South Wales

●          Market Report 2022 Spring West Midlands and Wales

 

Contact us today

To see a full copy of The Guild’s spring market report and for further guidance on the home moving process, take a look at the regional property market updates or get in touch with your local Guild Member today.

 

Read What Our
Customers Say

"

We really wanted a purchase to go ahead through Wilkes-Green and Hill as you have been the most helpful agent we have ever come across (including Newcastle, Glasgow and Carlisle cities!) and we are sorry that the time you have expended on us has been in vain...

"

Thanks to you all for making the sale of Mum's house so easy at a difficult time for myself and family...

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I've bought and sold many places - leading to a low opinion of estate agents! Until you came along! Many thanks for your professionalism, hard work and continued efforts. They are very much appreciated.

"

Thanks for all your hard work and brilliant service!

"

It's not very often that you come across someone so helpful and enthusiastic that it makes you smile!!Moving house was supposed to be stressful; thanks for making it so easy!! Your professionalism and hard work is much appreciated.

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You have handled the situation admirably, as have your staff...

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I would like to say again how grateful I am for all of your support since you took the property on to your books and all of the advice you have given me which was often above and beyond the call of duty. Your professionalism throughout has been excellent...

"

A very big thank you to all of you for really fantastic service...definitely 5-star!

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...for your attention to detail and always returning my calls...

"

...we would like to thank you, Gayle, Amanda and Tracy for all your help and kindness over the last 5 years, which has helped us tremendously. We also appreciate that you have gone the extra mile in several circumstances knowing that we were so far away...

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Having recently used 3 other agents I can say with hesitation that WGH are in a different league, very professional, efficient, polite and friendly. 3 other agents have marketed my house which only achieved 2 viewings in total. I had 2 viewings with WGH in the first week which I put down to their marketing skills

"

WG-H couldn't have been more helpful, queries were answered immediately by professional courteous staff , and they even offered to turn the heating up in our holiday house when the weather was particularly cold. Gayle would ring us during an evening to respond to our query , if required and Amanda even paid a cheque into our bank account. What a lovely company to work with.

"

Adrian and his team have been amazing from start to finish. Very polished team, with the highest standards. I have recommended them to friends and family who have also been impressed by them.

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