2022 is a year filled with optimism for house prices. Throughout 2021, the property market has been incredible. According to Rightmove (the biggest property portal) it broke all records, with prices soaring 11% from January to December.
During 2021, many properties sold for 20 – 30% more than they were ‘logically’ worth, or were surveyed at pre-pandemic. From what can be seen so far of this year, there is no sign of this stopping, interest rates have increased slightly but still remain low. Chester more than ever remains an aspirational place to live and to move to.
Why is this happening? The simple answer is scarcity of stock. As we saw last year, prices are driven by supply and demand. From the first of February 2021, to 2022 there has been a 62% decrease in stock.
The few homes that are available on the market are enjoying stiff competition from buyers, with the number of buyers desperate to purchase a Chester home now higher than ever.
The scarcity of stock right now means owners can seize the day and take advantage of this amazing opportunity to sell their home for the maximum price possible, but many can’t find a property to move to.
In 2021 many valuations were done by estate agents, but relatively few came to the open market. Over the last few weeks, we’ve noticed the first signs that the tide could be turning.
Nationally, the number of valuation requests to estate agents was 44% higher in January 2022 than in January 2021. This could be the first indication that the current sellers’ market could be weakening.
“This means that the property market right now is not only as strong as 2021 – but even stronger”
3 Reasons owners may want to think about selling now
Reason 1 – Supply and demand – simply put, there are not enough homes on the market for the ready, willing and able buyers we have. This means that when a special home comes to the market, there are numerous parties desperate to make that property theirs, resulting in a sale considerably higher than its ‘on-paper’, logical value.
Reason 2 – Your peace of mind – knowing what your options are means you can take advantage of any opportunity that presents itself.
Reason 3 – Property finding service – many can be frantically scouring Rightmove every evening searching for your next home…when it might be available directly through an agent. Over a third of our homes never actually get to Rightmove.
How much has my home increased by?
If you’re now wondering if your home has increased in value over the last two years, you’re not alone. And the chances are, it has done. To help you decide whether an up-to-date valuation from an agent makes sense for you right now, take a look at this list. These are the magic ingredients post pandemic that buyers are seeking and are prepared to pay way over the odds for. (The more you have, the higher the value of your home in this market.)
- An attractive ‘work from home’ space
- Entertaining space
- Pretty gardens or outside space
- Generous kitchen/dining
- Large master suite
- Strong Wi-Fi
- Parking for multiple cars
- Potential to expend or improve
- In a sought-after village or area
- A river view
Can The Chester Association of Property Professionals (CAPP) help?
Over 77% of successful sales in Chester last year happened with a qualified CAPP Estate Agent. As we head into Spring there is no better time to assess whether the time is right for your next property move. There are 14 residential estate agents in the CAPP and you can assess us via our website www.thecapp.org.uk/members. Please reach out for no obligation consultation – we would love to help.