Date Published 25 January 2022
Demand Is High For Bournemouth Homes – Looking To Sell?
If your property plans for 2022 are to sell your home and move somewhere new, you will find that there is great demand for your home. At Fahren Estate Agents, we are pleased to say we have helped many Bournemouth homeowners sell their home, and we can help you.
These are challenging times in the property market, and even this early in 2022, there appears to be no slowdown of activity.
Records are still being broken in the housing market
The January House Price Index from Halifax saw another record. The typical house price rose by more than £24,500 for 2021, and this is the biggest annual increase since March 2003.
The strongest region in England was the North West, which increased by 11.8%. The South West was the second-best performing region in England while London came in last, increasing by only 2.1%.
Given what we have seen locally, we aren't surprised at the South West being a strongly performing region. There are many reasons why house prices but when demand is far greater than the supply of homes, it is common to see property prices increase.
This is the case in the local market, and we have many prospective buyers contacting us, looking for property. When a good local property becomes available, there is significant interest, and invariably, the property moves quickly.
No estate agent should promise a fast sale or a sale that is guaranteed to meet the vendors expectations, but in the current climate, this is definitely a 'seller's market'. If you are contemplating selling your home, come and speak with a local agent with a strong track record in connecting buyers and vendors.
What are the Halifax saying in more detail?
Russell Galley, the managing director of the Halifax said; 'UK house prices climbed again in December for the sixth consecutive month in a row, up 1.1 per cent. In 2021 we saw the average house price reach new record highs on eight occasions, despite the UK being subject to a ‘lockdown' for much of the first six months of the year.'
Russell continued by saying; 'The lack of spending opportunities afforded to people while restrictions were in place helped boost household cash reserves. This factor, alongside the Stamp Duty holiday and the race for space as a result of homeworking, will have encouraged buyers to bring forward home purchases they'd maybe planned for this year. The extension of the government's job and income support schemes also supported the labour market and may have given some households the confidence to proceed with purchases. A lack of available homes for sale, and historically low mortgage rates, have also helped drive annual house price inflation to 9.8 per cent, its highest level since July 2007.'
Rightmove also confirm demand is greater than supply
As with anything in life, it is helpful to consider more than one source. The Halifax Price Index is a trusted source in the housing market, but they aren't the only organisation you can rely on. Rightmove is the largest property portal in the country, and they have recently released a report offering great insight into the property market.
Rightmove's first housing market report of 2022 pinpointed the following matters:
• The average price of property coming on to the market increased by 0.3%
• The average price of property coming on to the market stood at £341,019
• The average price of property coming on to the market was 7.6% higher than the equivalent price a year ago
• The average price of property coming on to the market was the highest annual rate of price growth, seen by Rightmove, since 2016
With respect to the imbalance between demand and supply, Rightmove states the following elements:
• The number of prospective buyers asking about property is 15% higher than it was this time in 2021
• The number of available homes per estate agency branch has reached a new low, standing at 12
• Rightmove state the number of property valuation requests is 44% higher than the 2021 equivalent
Contact Fahren Estate Agents to connect with homebuyers
If you are a property owner looking to sell your home, you need help from a local agent who understands the needs and demands of local buyers. We offer a wide range of property estate agent services which help you connect with likely buyers, and present your property in the most appropriate manner.
To discuss your options, or arrange a free property valuation, contact Fahren Estate Agents today by calling us on 01202 551022.
