“The new supply of homes has risen above 2021 levels and is approaching the scale of new listings seen at this time of year before the pandemic hit in 2020 – this signals that the market is starting to move back towards more normal conditions. However, total supply of stock remains tight, which will continue to put upward pressure on pricing” stated Grianne Gilmore, the Head of Research at Zoopla.
Average house prices rose by + 7.8% in the year to January, taking the average house price to £244,100 – Yorkshire saw an increase of +8.5%, above the national average with Leeds at position seven in the UK, with a rise of 8.2% – this is second after Sheffield (8.7%) in Yorkshire.
Average UK house prices rose by 0.9% in the three months to January. Price growth gained momentum during most of 2021 after one of the busiest years the market had ever experienced.
There are signs now that price growth is starting to ease. The market though is highly localised however, with price growth ranging from 16.6% in Powys in Wales to -2.2% in the City of London.
Liverpool leads the City growth at 10.3% with price declines of -0.3% in Aberdeen.
When it comes to the type of properties being listed, there is welcome news for the markets, particularly in Bramhope and Adel with a high concentration of families moving – there has been an annual rise of more than 10% in new listings for larger three and four-bed detached homes.
In fact new supply across all of the most common property types have risen year on year, meaning more listings in the last two months than in the same period in 2021. Family homes are also selling very quickly with 3-bed houses across the UK (excl London) reaching sale agreed in an average of 23 days after being listed.
Zoopla stated that they expect 1.2 million home sales this year, down from 1.5 million in 2021 (the year of the stamp duty initiative!) and that the average house price growth will be between +2% and + 4% at the end of the year.
Rightmove has said that 2021 was the busiest year in its 21 year history, it expects real estate transactions to decline and return to pre-coronovirus pandemic levels this year but was still confident of robust growth.
David Phillip commented “we have had an excellent start to 2022 across all type of properties, we have sold a couple of apartments in Bramhope, but have also listed a property on Hall Drive, Bramhope for £1 million and Riffa House Farm in Leathley for £1.35m – there certainly are many people looking to move to the North Leeds area, and the speed at which we are selling and completing on properties reflects this”
If you are thinking of selling, then Spring is a great time to move – for a free market appraisal call David Phillip FRICS on 01134 676 400, a: 86, Leeds Road, Bramhope, Leeds. W: davidPhillip.co.uk