Market Update | March 2022

A Strong Market For March 2022

The housing market continues to defy the prevailing winds impacting household budgets. As final COVID restrictions are eased across the nations, demand for property remains high. Annual price growth is strong, and sales levels are robust.

Flourishing Sales

To date in 2022, the housing market has continued to flourish, sales volumes in January, except for 2021, were at their highest level since 2007 and were up 9.5% compared to January 2020.  Mortgage approvals were up over 7% showing their strongest start to a year in the last decade.  Mortgage rates remain highly competitive.

New Homes To The Market

There are signs that the volume of new property being brought to the market is starting to improve. 

Rightmove report new listings are up 11% year-on-year, with requests for home valuations on the rise. With buyer demand remaining robust it remains a seller’s market. 

The average price of a property brought to the market in February rose by 2.3%, the equivalent of £7,785, the most significant jump recorded in more than 20 years. 

Zoopla reports that family homes continue to sell very quickly, reaching sale agreed an average of 23 days after being listed.  Zoopla expect 1.2 million home sales this year and that average house price growth will be between 2% and 4% at the end of the year.

If you have thought about selling, get in touch and let us get you on the move this spring.