David Phillip Property Overview - House Price Index – August 2022

PUBLISHED: 18th Aug 2022

Properties have seen a 1.3% drop in prices which is on par with the last 10 years and tends to be seasonal at this time of year. Yorkshire and Humber have seen a drop of -0.9%, however this is a 9.9% increase year on year.

After the uncertainty of the last two years, summer holidays are definitely taking a priority this year, distracted home movers, especially those in higher-priced homes appear to be putting their moving plans on hold until the Autumn moving season to enjoy time away with their families.

Some new sellers are pricing more competitively to secure a buyer quickly to beat the lengthy average time to completion and move home before Christmas and there is still a continued desire to move home.

Demand does continue to soften a little although supply constraints are improving, but there is still an imbalance.

People working form home are 5x more likely to move than those that expect no changes in working patterns, highlighting that pandemic factors still continue to influence the market – according to Zoopla around a third of the workforce now has the ability to work more flexibly.

Since the pandemic, about half a million older workers (50-70year olds) are leaving the labour market with retirement being the biggest driver and an important life-stage trigger. Older owners with excess space who are retiring or otherwise may be additionally motivated to move by concerns over the cost of living and the running costs of their current homes. This could apply to other types of households too.

Buyer enquiries to agents are down by 4% v the hot market of 2021, but remain a staggering 20% higher than the pre-pandemic market of 2019 and according to Zoopla 25% over the last five years.

New listings propertiesare up by 12% on the same period last year but are 6% down on 2019 – current stock levels are also lower than 2019 which is a market more comparable to 2022.

The latest interest rate is putting further pressure on buyer affordability, however the housing market is in a much better position to weather a sizeable jump in mortgage rates than has been the case in previous economic cycles. Talk of a major price fall seems wide of the mark but the shift from a prolonged period of cheap money to one of higher borrowing costs will have a greater influence on the market in general.

David Phillip commented “a drop in asking prices is to be expected this month as the market returns towards normal seasonal patterns after a frenzied two years, however house price growth and sales volumes are proving to be more resilient than many may have expected, giving the increase in the cost of living and initial increase in mortgage rates. Many would be home-owners have decided to put home moves on hold until September to make the most of their first summer holiday for two years

We tend to find sellers are pricing competitively at this time of year in order to find a suitable buyer quickly, with some hoping to complete their sale before Christmas, nevertheless, we are still expecting price changes for the rest of the year to continue to follow the usual seasonal trend, which mean’s nationally we will see the year end at around 7% annual growth, even with the wider economic uncertainty”.

Looking forward, September is always a busy month for the property market for the following reasons

  • School’s admission deadline takes place at the end of January/beginning of February, so if you market your property in September then this potentially gives a buyer time to move into your preferred school catchment area in time
  • School summer holidays are well behind us now and busy parents can now start to focus on home moving and the selling process again
  • Gardens are still looking lovely with flowers in full bloom and still very photogenic – plus the evenings are still light for viewings
  • During September, people use the New Year as a goal for being determined to move by.

So if you are considering a house move, or would like further information about the condition of the property market or would like a free market appraisal call David Phillip FRICS on 01134 676 400

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, w:davidphillip.co.uk

David Phillip, covering Bramhope, Pool-in-Wharfedale, Adel, Cookridge, Otley, Leeds

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