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Spring 2022 Market Report: Moving into spring

Posted on: Tuesday, April 5, 2022


The desire to move remains on the agenda for many, with little sign yet that economic headwinds are impacting the property barometer dial.

 

Sales

Standing firm

2022 has started strongly. Sales volumes in January are predicted to be 10% higher than their long- term (2012–2021) average and, except for a year ago, are the strongest since 2007 (Dataloft, HMRC). Buyer demand remains steadfast, up 16% year-on-year (Rightmove). Property price growth continues to be sustained; annual price growth in the year to January was at its strongest in over 15 years (Nationwide). Rightmove reported the biggest monthly jump in the asking price of a newly listed property since 1994 and when asked, the majority of agents are still expecting price growth over the next three- and 12-month period.

Sales volumes in January are predicted to be 10% higher than their long- term (2012–2021) average

 

Winds of change

Although the quantity of property for sale remains low, with the Royal Institution of Chartered Surveyors (RICS) reporting stock levels per agent at a record low in January (barring the market closure in spring 2020), there are signs of change. New listings in January rose 11% year-on-year, with Rightmove noting a substantial rise in home valuation requests – an indication that many are looking to sell before they buy in current conditions. These should feed through to agents’ books over the coming months. Historically, March is the strongest time to sell, with the highest number of buyer enquiries per property for sale.

New listings in January rose 11% year-on-year, with Rightmove noting a substantial rise in home valuation requests

 

Sunshine and showers

Across the UK, governments are announcing their plans for ‘living with COVID’ and hybrid working is bedding in. With economic growth of 7.5% over the course of 2021, the UK economy is close to its pre-pandemic level. However, consumer confidence remains on edge due to the rising cost of living. Increases in the cost of food and clothing, along with rising fuel and energy prices, look set to squeeze many household incomes. Savings made during the pandemic might provide a cushion in the short term, and while interest rates may well rise from the current 0.5%, they remain low by historic standards.

 

Lettings

Rental demand soars

Demand for rental property is at an all-time high, with Rightmove reporting that renter demand is 17% higher than in January 2021, and up 33% compared to January 2020. Like the sales market, a shortage of property to let is underpinning prices, leading to rises in average rental values in all areas of the UK. However, many landlords are keen to keep existing renters: 76% would maintain a rent level if they were happy with the existing renter (Dataloft, Property Academy, 2021).

 

Demand for rental property is at an all-time high

 

Regional Reports

Browse our Regional Market Reports:

●          Market Report 2022 Spring East Midlands

●          Market Report 2022 Spring Essex, Norfolk and Suffolk (East)

●          Market Report 2022 Spring Hertfordshire, Bedfordshire and Cambridgeshire (East)

●          Market Report 2022 Spring London

●          Market Report 2022 Spring North East, and Yorkshire and The Humber

●          Market Report 2022 Spring North West and North Wales

●          Market Report 2022 Spring Northern Ireland

●          Market Report 2022 Spring Scotland

●          Market Report 2022 Spring South West - Devon and Cornwall

●          Market Report 2022 Spring Southern Home Counties - Surrey and West Sussex

●          Market Report 2022 Spring South East

●          Market Report 2022 Spring Southern - Hampshire, Wiltshire, Dorset and Isle of Wight

●         Market Report 2022 Spring Thames Valley, Berkshire, Oxfordshire and Buckinghamshire

●          Market Report 2022 Spring West of England and South Wales

●          Market Report 2022 Spring West Midlands and Wales

 

Contact us today

To see a full copy of The Guild’s spring market report and for further guidance on the home moving process, take a look at the regional property market updates or get in touch with your local Guild Member today.

 

What Our
Clients Say

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I would highly recommend Hardings. Their knowledge of the local area is outstanding, and they give honest and reliable advice. They have always been my partner of choice when buying and selling.

Rhiannon Prothero

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Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

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I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

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Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

"

I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

"

Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

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We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

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I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

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We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

"

What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

"

Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

"

Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

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