Property market off to flying start in 2022

Q1 is off to strong start, potential vendors are asking for 44% more valuations than last year and average asking prices in the UK has reached £340,000.

The beginning of 2022 saw a record breaking number of valuation requests in a single day that Rightmove has ever recorded, as would-be sellers put their moving plans into action.

Prices have soared throughout the pandemic and the continuing lack of available houses has pushed asking prices even higher. Average asking prices, according to Rightmove, is now £341,000, up 0.3 per cent or £850 compared to December 2021. 

The reason for this is due to multiple reason, including lifestyle changes triggered by the pandemic and the fact that property stock is limited, driving up price and competition. On average, estate agents only have 12 properties to sell, a record low, according to data released by Rightmove. 

The house price rally will last another five years, with average prices rising 13 per cent by 2026 according to the 2021 Budget forecast.

Rightmove released data on price growth that showed three regions had seen price growth of more than 10 per cent in the past 12 months. The Southwest was up 11.6 per cent, East Midlands up 10.4 per cent and South-East up 10.2 per cent. However, some counties saw prices drop slightly between December and January too.

Typically, property prices across the board are up around 7% and most experts only see this rising as demand conti1nues to out-weigh the supply.

Here at M Estates London, we have seen prices increase across 95% of our property assets and we are confident this will continue throughout Q2 and in to Q3. From our experience within the market across South-East of London, we have been fortunate enough to purchase several investment properties at great prices that are already showing fantastic capital growth. 

Contact our team for more information:

Office: +44 (0) 203 005 5269

Email: info@mestatesltd.co.uk