Stirling Ackroyd helps you navigate the 2022 world of buying and selling property in London and Surrey.
UK politics in turmoil, economic fallout from the post-Covid period, soaring inflation and living costs. These are all on everyone’s mind.
So you’d think U.K. property demand would be in a steady state of decline.
It is not.
As our homes evolve into places where we (almost universally) work, rest AND play, the broadening of property uses, a growing sense of job security, incremental easing of mortgage criteria (Bank of England – 2022) and a population-wide desire to secure a stable and affordable nest continues to drive unprecedented levels of property demand.
But for how much longer?
“In short, demand is good and this is set to continue through to the end of this year, at least,” explains Commercial Director, Matthew Hewitt, from Stirling Ackroyd. “When we review online property searches for London, Greater London, and Surrey alone, the volume of people researching the secondary market and the purchase of new build homes is largely above 2019 levels.”
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Seller opportunities remain strong
“Opportunities to sell remain really strong, and Stirling Ackroyd is supporting thousands of savvy sellers as they make profitable marketplace advances this year,” Matthew continues. “With the right market insights and advice, there remains a solid opportunity to cash-out and tactically buy-in to new build and secondary market properties in key locations. Now is a good time to do this, and sellers are definitely making hay while demand and prices remain favourable.”
House Prices Remain Attractive For Sellers
The Land Registry says prices rose by 12.8% year-on-year in May, but experts think we’re unlikely to see such rapid rises in the remainder of 2022. Which? – July 2021
“House prices continue to perform well, however it is safe to say that growth is beginning to slow. Inflationary pressures and the spectre of rising mortgage interest rates are cooling what has been an artificially overheated market. So, in our opinion, a property price peak is nigh. Because of this, many property owners are seeing this as a pivotal time, taking stock and looking at the market with a realistic view. Circumstances depending, a timely sale in 2022 could be an excellent capitalisation point for those that have owned their homes for 5+ years.”
The Upside of a Property Buy in 2022
1.2 million homes are expected to change hands across the UK in 2022, and with such wide-ranging seller-side advantages, you may wonder who and why people are buying at what looks like the peak of the market? The current peak might be, but property prices are unlikely to decline any time soon as demand remains high.
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Buyers are also looking at marginally wider options on mortgages as leading banks push to secure new customers – lenders then being able to lock in a still preferential rate to ride out any impending financial weather in a predictable manner.
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In summary, should you delay selling or buying right now? In our opinion – no. If you are actively in the market to sell – conditions are in your favour and demand remains exceptional.
If you are considering a new home purchase, conditions within the coming two years could be set to be even more challenging, but in different ways, so now is a good time to find the property you want, have your finances prepared, move fast to gain some price negotiation, and secure a fixed mortgage rate that works for you based on your professional or personal circumstances.