Will House Prices in Basildon Rise in 2022?
Basildon house prices ended 2021 on yet another record high. We’ve never seen the property market as busy and frenetic as it’s been over the last 12 to 18 months.
Nationwide says annual house price growth increased to 10.4 percent, making 2021 the strongest calendar year for house price growth since 2006.
Demand also remained strong since the end of the stamp duty holiday at the end of September.
Indeed, in the first 11 months of 2021, the total number of property transactions was almost 30 percent higher than the same period of 2019.
Rightmove Comment on January 2022:
- The average price of property coming to market jumps by 0.3% this month (+£852) to £341,019, which is 7.6% higher than in January 2021, the highest annual rate of price growth recorded by Rightmove since May 2016
- First-time buyer asking prices hit a new record of £214,176 after a monthly jump of 1.4%
- Strong demand and continuing low numbers of available homes for sale set up the housing market frenzy to continue into the start of 2022, with early-bird sellers benefitting from increased buyer competition:
- The number of buyers enquiring about homes is 15% higher than the same time last year
- The number of available homes for sale per estate agency branch drops again to a new record low
- Competition among buyers is almost double what it was at this time last year
- There are early signs that more property choice is on its way, with the number of home valuation requests in the first working week of 2022 up 44% on the same period last year, and 48% up on the same period in 2020
2021’s housing market was defined by people’s sustained desire to move coupled with decreasing numbers of homes for sale, and this continues as we enter a busy January 2022.
The average price of property coming to market rises by 0.3% this month (+£852), to £341,019. Asking prices traditionally see a rise in January, though this month’s figure is compared with an unusual drop in January last year as the rush to beat the March stamp duty deadline started to abate.
All of the signs suggest that prices are likely to continue to rise until more choice is available.”
Average Time to Find a Buyer
The few homes that are on the market continue to be snapped up at speed by determined buyers, with the average time to find a buyer in December 2021 being more than two weeks quicker than in the same period the previous year.
More Property Choice Coming
While the low number of available homes may appear daunting for buyers still looking to make 2022 their year to move, with the number of requests to an estate agent to value a property in the first working week of 2022 showing an increase of 140% compared to the same period in 2021 and 2020, there are early signs of more property choice coming to market soon.
Competition among buyers
Competition among buyers for available homes also remains strong as we move into 2022, with 15% more enquiries from would-be buyers to estate agents than at the same time last year.
With both more enquiries from buyers and fewer properties available, the overall level of buyer interest per available property is almost double what it was at the start of 2021, which was itself a very active market.
As a result, more than 70% of the properties currently on estate agents’ books have already been sold, leaving less than 30% still available to buy.
Roger Bates Properties Comment:
“While this potential new supply of property will take a little while to appear on the market, it’s an encouraging sign of more choice for buyers in the coming months.
Buyers will still need to move fast and book a viewing as soon as the property comes on the market.
Buyers who have a property to sell are likely to miss out on the home they want. To put yourself in the best possible position to proceed, become a ‘power buyer’, by making sure your current home is on the market or preferably sold subject to contract first, before starting the search for your new home.”
House Prices Basildon Prediction for 2022
Basildon continues to be as popular as ever, with increasing numbers of buyers moving away from London and the surrounding areas looking for a better lifestyle, especially as working from home has become a more viable option for many.
Right now, buyer demand is certainly far greater than supply, however we can see that sellers are slowly returning to the market with an increase in requests for property valuations in January.
With low mortgage rates still available and the level of transactions gradually increasing, we predict another busy year ahead with Basildon property prices rising by 5% in 2022, which will mean an increase of about £17,000.
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