The Property Market Now
Property website Zoopla have recently revealed that the average cost of a UK home has broken through the £250,000 barrier for the first time to stand at a record of £250,200. In fact, house prices rose by 8.4% during the year to the end of April 2022. Even though the market has shown signs of slowing down, it might just be time to check how much your home could be worth. You could be in for a surprise.
House prices rose by 8.4% during the year to the end of April, slightly down from the annual rate of 9% recorded in March. Property values edged ahead by just 0.2% during April itself, compared with monthly gains of 0.7% at the start of the year.
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What Is Happening To Property Prices?
Price of property coming to market has hit a fourth consecutive record of £367,501, up by 2.1% monthly (+£7,400). Average asking prices have risen more than £55,000 in the past two years, compared to a £6,000 rise in the two years before the pandemic
Activity levels remain strong and still significantly higher than pre-pandemic. Though there are signs that the frenetic market is starting to ease:
- The number of buyers contacting estate agents in the month is 31% higher than the more normal 2019 market… down 14% year-on-year
- Speed of market means available properties down 16% compared to last year and down 55% compared to 2019, with new stock most desperately needed for two and three bedroom semi-detached homes
- Sales agreed are up 12% year to date compared to the same period in 2019, and down 17% year to date compared to 2021
New Rightmove analysis tracks first-time buyer affordability and the impact of rising interest rates:
- Average monthly mortgage payments are back to being higher than rental payments after four consecutive interest rate rises, though historically low interest rates make mortgage payments only 11% higher than ten years ago , while rental payments are 40% higher
- Solo first-time buyers hardest hit, now needing a 34% deposit compared to a 25% deposit ten years ago
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It appears we are reaching a steady plateau in the housing market following a huge pandemic property boom. Whilst activity has cooled, the market is definitely holding strong. There are now higher volume of vendors feeling more comfortable about putting their property on the market before making an offer.
Pricing remains very robust with substantial offers being made across the whole market. In most cases are still significantly in excess of Home Report value. It appears that people are more comfortable with a new normal. Whilst we should not forget the economic challenges ahead, for now the market has stabilised.
First Time Buyers Conveyancing Quotes
Many first-time buyers are unsure about the conveyancing process; many have never even heard of it until they find a new home or have heard frightening stories from their family and friends. If you are a first time buyer and have no clue about the conveyance process, the first thing you need to know is that it is a legal process of passing home ownership from one person to another.
Conveyancing Store offers an exclusive platform that facilitates users’ especially first time buyers to instantly get quotes free of cost. Our team of conveyancers assists our users in determining and meeting the legal requirements of buying a property. From the time the parties involved in the process create a sale agreement to the time the transfer of ownership is completed by the seller, we offer hassle free assistance to ensure smooth transaction. Our online comparison tool can help buyers understand the different costs associated with property purchase.
First time buyers conveyancing quotes here. Discover the average online and local conveyancing fees.
