Buying and Selling Property in 2022
With 1.2 million homes expected to change hands across the UK in 2022, the local property market is far from static. 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 sees property prices stubbornly high, but there is a possibility property values will stabilise in the months ahead.
What looks less likely is that this all-time high will drop significantly in the coming months, mostly due to the fact that market demand remains impressive, a situation that runs contrary to the influence of rising mortgage interest rates.
And so, market demand continues to drive fierce competition for the best homes, meaning deal preparedness is more important than ever. Cash buyers are being prioritised, across the board, and those that do need mortgages must make sure that agreements-in-principle have been secured well before potential buyers hit the market in search of their dream home.
Buyers can expect wider options on mortgages as leading banks push hard to secure new customers, and lenders are still able to lock in a preferential rate to ride out any impending financial weather in a predictable manner.
Check out our July/August Mortgage Rate review and learn more about how, when rents are rising rapidly, buying a property with a fixed mortgage can be a great idea for many, potentially lowering your overall monthly outgoings.
Contact us to learn more about your mortgage options.
Sell now or wait for the new normal?
For those of you that own and want to sell, the question is, should you delay selling right now? In our opinion – no. If you are actively in the market to sell – conditions remain in your favour and demand remains exceptional even as economic challenges continue to rise.
Stirling Ackroyd has a record number of property enquiries at this time. If you are interested to arrange a free valuation of your property, Click Here.
In summary, market conditions within the coming two years could be set to be even more challenging, in a variety of different ways. So now is a good time to find the property you want at a still affordable rate. And, finance in hand, with an ability to move on a sale quickly, some price negotiation could be possible.
Register here for new and secondary market homes with Stirling Ackroyd.