As your local property experts and community property resource, we keep a close eye on the housing market so we can keep you up to date as possible. Each quarter we prepare a full regional housing report to pass all of this information on to you. You can find these in the links below.
As you will be aware the past 12 months has continued to bring, record breaking results replicating similar trends to the previous 12 months. We have had a look at the start of 2022 to try and keep you up to date with what is happening and help to make predictions for the rest of the year. In short, the desire to move remains strong with economic changes having little impact on the property market. Sales volumes stayed strong at the beginning of the year being the highest (with the exception of last year) since 2007. Rightmove have said that buyer demand is still high rising 16% year on year and property price growth remains at its strongest over the passed 15 years UK Wide.
UK house prices have continued to grow on a national level with a 10.8% increase year on year and whilst demand is still outstripping supply, new listings in January rose 11% in January indicating there are still a number of motivated sellers looking to move.
Figures show that economic growth is now nearing pre-pandemic levels, however with the cost of living creeping up people are looking to spend their money wisely. Interest rates still remain the same and mortgage companies are offering competitive mortgages with fantastic rates to be locked down in 5 and even 10 year deals.
Whilst there still seems to be a strong “search for space” playing its part in most markets, there has been a noticeable change in people looking to buy apartments again in town centres now that employers are looking at Hybrid working options, this could see city centre living to increase in the coming months.
Locally within the regions that we cover, Cheshire East has the most active housing market in the North West area with 5.4% stock turnover and an average house price of £275,846. Shropshire and Stafford sit in the top 20 most active markets in the West Midlands and Mid Wales Region with Shropshire having 4.4% of houses changing hands and an average house price of £261,545 and Stafford sitting at 4.2% turnover with an average house price of £251,719.
These trends look like they are here to stay throughout 2022. Take a look at our Regional Reports in the links below
