Predicting the housing market can often be a little hit and miss, particularly after an unprecedented 2 years, however there are some elements that we can be certain about.
House prices have been playing catch up after the uncertainty of Brexit, once this was resolved, Covid-19 hit the property market with the stamp duty holiday adding a further challenge.
For anyone considering selling their home, the market has now calmed down (although not slowed down) after the stamp duty frenzy, and far from missing the market, now is a very good time to think of moving.
The urgency of transactions has been removed which is welcomed by both buyers and sellers, and there is an abundance of motivated buyers and many high calibre houses are selling before they reach the open market, meaning buyers still have to act with speed if they wish to secure a property.
Yorkshire is still seeing a very positive market – High income families with school age children are looking to purchase properties around the £1 million mark, and are well placed to secure a mortgage. London buyers view Yorkshire as a financially secure region in which to base their principal home, with good transport links into London and a host of excellent private schools. Leeds has a good mix of thriving businesses and industries which gives people the confidence to buy and sell homes in the area – areas on the outskirts of Leeds are particularly appealing.
There is still a continued desire of people looking to make lifestyle changes, a more spacious environment, the option to work from home and more outdoor garden space is still an important factor – the areas of Bramhope and Adel are very appealing.
Some people are looking to downsize too as they realise their current property has too much space, which is freeing up very desirable family homes, often with the scope for modernisation
Yorkshire and Humberside are expected to see a potential rise of approximately 7% in 2022 with prices predicted to grow by 18.8% over the next five years: the highest expected increase in the UK alongside the North West.
The market does remain price sensitive, particularly in light of the recent interest rate rise and therefore setting a realistic but competitive price from the outset is key, this will ensure a healthy amount of viewings, with often more than one offer made.
David Phillip commented: “There is an underlying confidence in the property market which remains buoyant despite the emergence of the Covid-19 variant. We are seeing an increasing number of market appraisals and a rise of properties coming onto the market particularly in Adel and Bramhope”
If you are considering selling your home and would like a free market appraisal with David Phillip FRICS then call 01134 676 400 a: 86, Leeds Road, Bramhope, Leeds w: davidphillip.co.uk