Market Comment (January 2022)
Whether January has you thinking “New Year, New You” or you would like to keep things going as they are, there is no doubt January is an interesting time in the property market.
People have been looking for new homes
As expected, there was an increase in people looking for property from Boxing Day onwards. It is likely the number of people looking includes serious buyers and casual browsers making the most of their downtime, but once again, Rightmove experienced significant traffic on their website.
The leading property portal experienced an increase of 23% with respect to buyer activity from Boxing Day onwards.
Tim Bannister, Rightmove’s Director of Property Data, said: “Boxing Day traditionally signals the start of activity ramping up as people turn their attention from turkey and trimmings to their plans for 2022, and activity is set to increase further as January unfolds and people start to settle down into a routine after the December break. Despite the frenzied market activity, we saw throughout 2021, we’ve recorded even higher levels of buyer demand in the period between Boxing Day and the New Year this year, driven by a sustained desire to get on and move.”
Typical house prices rose significantly in 2021
There was another record set in the Halifax January House Price Index. The typical house price rose by more than £24,500 for 2021, which was the largest annual increase since March 2003.
Russell Galley, the managing director of the Halifax said; “UK house prices climbed again in December for the sixth consecutive month in a row, up 1.1 per cent. In 2021 we saw the average house price reach new record highs on eight occasions, despite the UK being subject to a ‘lockdown’ for much of the first six months of the year.”
Property builders are optimistic
In the latest study by What House? it was found that 71% of housebuilders said they felt “cautiously optimistic” regarding what lies ahead in 2022. 70% of property builders stated that the current trends from buyers, which include looking for office space and extra room inside and outside the house, will drive buyer behaviour, and the market, throughout 2022.
Daniel Hill, Managing Director, WhatHouse? said: “It’s still early days. We are yet to see the full impact of the pandemic on home buyers’ behaviour. Hybrid and home-based working continue to be trial and error for many businesses, once a seismic and more permanent shift takes place we will once again experience a surge in people considering relocation and hunting for more inside and outside space.”
Can we help you move in 2022?
If you would like to learn more about Leytonstone, what the area has to offer, and how to achieve your goals in the local property market, we can help. To arrange a free valuation of your home, call us on 020 8558 1147 or send us an email at info@tradingplacesproperty.com.
You will find Trading Places Estate and Letting Agents at 46 Church Lane, Leytonstone, London, E11 1HE; and we look forward to assisting you.