Property market trends for 2022
Property market trends for 2022 - a return to normal with the cards still stacked in favour of sellers, with price gains more modest.
A less frenzied market compared to 2021, but demand for homes remains high and Yorkshire remains one of the hot spots for property house prices.
Buy? Sell? Or stay where you are. Whatever you’re planning to do in 2022 it’s good to know how the markets are shaping up, so you can make the right decision from a position of strength.
Property Market Trends 2022
First off then, let’s take a quick look back on 2021 which was a hectic year in the residential market, with buyers emerging from spring time lockdown looking for new homes. The usual imbalance that we’ve seen between supply and demand meant that house prices continued to rise, with the market sustaining 18 months of upward price movement. And this was good news for Yorkshire and The Humber (especially if you were selling), as house price rises in the year to March 2021 rose by 14%, up from 11% in February (source: Office for National Statistics). Across the UK, the emergence from the pandemic (as it was then) led to the highest volume of house sales since 2007.
As 2021 continued, house prices in the region remained buoyant but the frenzied growth experienced over the last 18 months is now on the wane.
Clearly, this level of growth can’t be sustained indefinitely, so 2022 will see continued, but more modest, house price growth with an emphasis much more towards a return to normality. So, we’re looking at around 3% house price growth for the year ahead.
The discrepancy between supply and demand is still there, which makes 2022 another seller’s market."
"Also, the changing dynamics brought about by the pandemic, particularly with hybrid working and changing work patterns, means that homeowners are reviewing their property needs and priorities. So, this should see a continuation in demand for enquiries and property valuations. The return to slower house price growth will also offer a sigh of relief to first time buyers eager to get a foothold on the property market.”
According to Rightmove, Yorkshire and The Humber is one of four areas that will remain buoyant in 2022, along with the West Midlands and Scotland and the south west.
The new year is always a popular time to get a revaluation, so it’s worth noting that the overall average price of properties in West Yorkshire last year was £219,820. The majority of sales last year were semi-detached properties.
According to the latest figures from Zoopla, the average price for property in West Yorkshire in December was £217,893, representing a rise of 1.31% in the three months since September, and an increase of 4.04% since December 2020. The average price of a terraced house was £157,748, with flats selling on average for £171,797.
We can’t predict exactly what 2022 will hold, but it definitely won’t be a quiet year. If you’re thinking about moving or want to get some sound honest advice on the value of your property, drop in and see one of our team, or give us a call.