Many pundits suggest that the Property Markets will start to return to something approaching normality - but quite what 'normality' is they do not dare predict. Historically the first part of the year is the busiest for Estate Agents as vendors look to move before the summer. This has not changed over the Pandemic - the better weather and lower numbers of cases led to an increase in houses coming to the market. What had changed is just how few people were looking to sell. We had good numbers of buyers from all over the UK and beyond but little in the way of stock to offer them. This led to a spike in prices with people happy to pay a premium to secure their next home - both to buy and to rent.
The new variant has led to even fewer properties coming to market which will for a while sustain the growth in prices. What we can say with some certainty is that there will be more houses coming to the market over the next few months. If case numbers fall quickly and advised restrictions ease then the numbers of sellers looking to capitalise on the greater value of their homes will be better than last year. We have carried out greater numbers of appraisals for potential vendors and the sense is that pressure is mounting for sellers to make the move they have been waiting for. The effect of more choice for buyers will be a slowing of the rate of price inflation - not a bad thing in a market as growth has to be sustainable to avoid a crash.
So with the prediction of greater numbers of homes coming to the market in 2022 what should someone looking to sell their house in the Tyne Valley / Northumberland / County Durham area do ? The answer is simple - get advice from an Estate Agent who is established and experienced and of course effective ! We at Foster Maddison have, between the valuer and sales manager, over 50 years experience of selling and letting homes and have achieved some great sales in the last few years - in many cases where other agents have failed. We both buy and sell property for clients and rent some prime properties in our area.
If you are thinking of selling or renting then please give us a call for straightforward effective advise.