RIGHTMOVE PREDICTS PANDEMIC PROPERTY MARKET WILL RETURN TO NORMAL IN 2022

The UK’s housing market will return 'closer to normal' next year, but house prices are still expected to rise 5% in 2022, according to the latest data from property search giant, Rightmove.

The data also reveals that valuation requests from homeowners are 19% up on this time a year ago suggesting more people will be making a New Year’s resolution to move.

In addition, the typical property asking price dipped in December by 0.7%, or £2,234 on average nationally, according to Rightmove. This means the average UK home listed in December was priced at £340,167, compared to £342,401 for the previous month. 
However, Yorkshire and the Humber was one of the few regions to buck the trend with monthly asking prices increasing by 0.3%. Annually, asking prices in the region have climbed 6.1% since the same period last year. 

Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 19 offices in West and North Yorkshire, said: “A shortage of housing stock for sale has been an issue throughout 2021, but we have experienced an increase in valuation requests in recent weeks, which suggests a better balance of supply and demand could be on the horizon. This will also suit more hesitant movers who have stayed away from the fast-moving market we’ve experienced this year. 

“It also means that vendors who come to market early next year, armed with good advice and a considered asking price, will be in a good position to secure a sale and put themselves in a strong position when it comes to finding their next purchase. There is genuine high demand in Yorkshire at the moment for all types of homes and particularly high quality family houses in good locations.

“We’re already booking valuations for early January and would advise anyone considering moving next year to do their research and get their home ‘sale ready’ over the Christmas break, with a view to being able to act fast next month.”

Tim Bannister, Rightmove’s director of property data, commented: “The kind of frenzied market we’ve seen in the last 18 months happens only a few times in most home-owners’ buying and selling lifetimes, exacerbated by the even rarer event of a global pandemic pushing homes higher up most people’s priorities. While the pandemic is still having an ever-changing impact on society as we head into the new year, we expect a housing market moving closer to normal during the course of 2022. 

“A return to a less frenetic market due to more choice, and forecast slightly higher interest rates, will suit many movers who have held back during the last 18 hectic months. With a jump in the number of owners requesting valuations from agents with a view to marketing their homes, it looks like many of this group are now gearing up to make it a new year resolution to move, so more buyer choice could now be on the cards. A rise in interest rates is likely next year, and whilst a rise is often regarded as unhelpful to the market, a slowing of the fast pace of sales, and associated pace of price rises, will help the return to more normality that will suit many movers. Buyer demand and market momentum remain strong going into 2022, with November showing buyer numbers 41% up on the election-subdued 2019, and still 3% up on booming 2020.”