In May 2022, across all areas of the UK demand for property continues to outpace supply.
With asking prices hitting new record highs for the fourth month in succession, rising to £367,501.
THE DESIRE TO MOVE REMAINS STRONG
Over 330,000 properties were sold in the first quarter of 2022. This is up over 13% compared to 2019, the last year of ‘normal’ market conditions, as the desire to move remains on the agenda for many.
Nationwide reports that as of May 2022, 38% of us are currently moving or considering a move. Nationwide’s survey reports that;
- Trading up to a larger property remains a priority for 1 in 4, rising to 34% for those aged 35-44.
- The exception is the 55 plus age group, of which 38% are looking to downsize.
- The proportion of people looking to move to access a garden or more outside space has fallen to just 15% down from 28% a year ago.
ACTVITY LEVELS REMAIN STRONG
The speed of the market means available properties are down 16% compared to last year. There is desperate lack of two and three bed semi detached houses and as there are fewer houses coming to the market, when they do they sell very quickly. Rightmove report the average number of days to sell is at an average of 33 days.
One day could be today…
The market is holding strong with many more vendors feeling more comfortable about putting their property on the market before making an offer on another. If you have been dreaming of finding your dream home thinking that it may happen one day, well one day could be today… get in touch to book your valuation on 01257 451 673.