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.
At 5.9% and 9.8% respectively, annual property price growth in the North East, and Yorkshire and the Humber is moderating from the highs experienced in the summer of 2021. However, with the pandemic ‘search for space’ still playing out in many markets, prices for detached homes are currently seeing the strongest growth of all property types; average prices are up over 10% year-on-year. With office returns and hybrid working now in place, there has been renewed interest in apartment living, and many town and city-centre locations are seeing a rise in buyer demand.
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.
Harrogate and the East Riding of Yorkshire proved the fastest-moving markets in the North East, and Yorkshire and the Humber over the course of 2021, with more than one in every 20 privately owned properties estimated to have changed hands. 2022 has started with momentum. At 43 days (Yorkshire and the Humber) and 44 days (North East), the average time taken to sell a property is three weeks quicker than a year ago.
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.
Properties for sale in the North East, Yorkshire and The Humber
Oughtibridge, Sheffield, 4 bedrooms
This individually designed and built four-bedroom home occupies a private tucked-away position, enjoying south-west facing gardens wrapped within a woodland backdrop. The property is offered to the market with immediate vacant possession, presents accommodation incorporating a generous Living kitchen which is open plan to the lounge. A conservatory to the rear elevation opens on to the garden; there are, four bedrooms and two bathrooms. Situated on the outskirts of glorious open countryside, resulting in the most idyllic of external lifestyles, well served by local facilities and only a short drive from the centre of Sheffield.
Castle Eden, Hartlepool, 5 bedrooms
This immaculately presented five-bedroom executive detached home is located in a quiet cul-de-sac in the desirable village of Castle Eden and within easy reach of Durham City and the commercial centres of the region.
Stocksfield, Northumberland, 4 bedrooms
Located in the unspoilt and quiet hamlet of Newton, The Coach House is a substantial stone and slate built, detached family home, surrounded by attractive stone built houses. The well-proportioned accommodation is beautifully presented throughout, decorated to a high standard and enjoys full double glazed windows and oil-fired central heating. A particular feature of this home, however, is the beautiful high stone walled gardens to the front which offer a very sunny and sheltered space.
As property prices and demand continue to rise, sell your property with experts in the property industry this spring. Contact your local Guild Member today.