Summer Property Market Update

7th August 2022

We’ve been very busy this spring as we continue to maintain our number one position as the most chosen estate agent in our area. Demand for property remains high and property priced correctly is selling fast and in some cases for over the asking price. The UK’s average price of property coming to market hit yet another new record for a fifth consecutive month in June 2022, rising by 0.3%. This is the smallest increase since January, as the pace of price rises starts to slow. Despite five consecutive interest rate rises and the increasing cost of living, buyer demand for each available property remains very strong. After a very strong first half of the year, it is likely that affordability constraints may have a greater influence on market behaviour in the months ahead, with further interest rate rises anticipated. This, alongside more choice coming onto the market for buyers and the usual seasonal variations we’d expect, means we are likely to see the market levelling off between now and Christmas.

Tim Bannister, Rightmove’s Director of Property Science says “The exceptional pace of the market is easing a little, as demand gradually softens and price rises begin to slow, which is very much to be expected given the many record-breaking numbers over the past two years. We’re hearing from agents that though they might have had slightly fewer enquirers for each property in recent months, they’re still seeing significant interest from multiple buyers and are achieving successful sales.”

It's worth noting that a conveyancing log-jam means that those who are looking to move this year and have yet to act will need to do so in the coming weeks. It is currently taking 150 days to complete a purchase on average after agreeing a sale, 50 days longer than at this time in 2019.

It’s more important than ever that existing homeowners looking to buy again put themselves in the best possible position to secure their next home by making sure they find a buyer for their current property before looking for their next home. This is all the more important for those hoping to complete the process as quickly as possible and enjoy Christmas in a new home this year. Planning a move? Call us on 020 8882 7888 for your free valuation.