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Property News | Buyer Demand To Increase House Prices in 2022

Record breaking figures!

The average price of a property coming to the market has jumped by 0.3% this month to an incredible £341,019. Up 7.6% from a year ago making it the highest annual rate of price growth recorded by Rightmove since May 2016.🏡

More buyers searching

Strong demand and a scarcity of available properties for sale have set the stage for the housing market frenzy to last well into 2022, with early-bird sellers reaping the benefits of greater buyer competition.

With the number of prospective buyers searching for homes 15% higher than this time last year Rightmove has estimated that buyer competition is nearly double what it was at the same time last year.

The first working week of 2022 was also the busiest start of the year for people requesting property valuations, with 44% more requests than the same period last year and 48% more than the same period in 2020.

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What the experts’ say

Tim Bannister, Rightmove’s Director of Property Data, said:

“These early-bird sellers who got themselves ready to come to market are now benefitting from the busiest start to the year that we’ve ever recorded, with the number of prospective buyers enquiring about homes up 15% on this time last year. 

He continues: “Almost 40 per cent of people enquiring about a home who have a property to sell say that they are yet to put it on the market. In the current market, where they are competing against others who are able to move more quickly, this is likely to mean they’ll miss out on the home they want.

“To put yourself in the best possible position to proceed, you should become a ‘power buyer’, by making sure your current home is on the market or preferably sold subject to contract first, before starting the search for your new home.”

Thinking about selling? Miller Metcalfe have 18 hubs across the North West. Our property experts are always on hand to assist you with any of your property needs. Contact us today. Visit https://millermetcalfe.co.uk/contact-us/ to find your local branch.

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