21st June 2022
How has the Chester property market changed in 2022?
The Chester property market has undergone some distinct changes recently, with prices on the rise and some interesting consumer trends.
Here’s the rundown to help you make the most of the Chester property market in 2022.
Prices are still rising
It’s no secret that UK property prices have experienced record-breaking growth in recent months, and this is true in Chester too. Demand is outrunning supply, which has seen property prices soaring. It’s reported that a record 53% of properties are selling at or above the asking price.
Rising house prices look set to continue for now. With increasing interest rates and soaring global fuel prices, we can expect the growth to slow later on this year, but this ought to tail off gradually.
If selling or moving is on your radar currently — even if it’s at the very peripheries — it’s well worth getting a valuation. You might just be pleasantly surprised.
Read our latest Market Insight Report to find out more about the Chester property market and house prices.
Cities are making a comeback
The pandemic lockdowns of 2020 and 2021 saw a sharp upturn in urban residents looking to move out of the city. Rightmove reported a 126% increase in city-dwellers searching for village homes.
In the post-lockdown world of 2022, however, we’re seeing a return of interest in city properties, with house hunters looking to be nearer to work and city centre amenities. Prospective buyers are hoping to find the ideal combo of a home with easy access to the city and more breathing space, something which Chester’s surrounding suburbs and towns offer.
Working from home is a factor
The search term “home office” is trending high among house hunters — not surprising given the dramatic shift to flexible and remote working we’ve experienced over the last couple of years. Chester properties with a dedicated ‘work from home’ space, or the potential to create one, can capitalise on this cultural moment.
House hunters are more specific
One well-documented effect of the pandemic has been people — and specifically, home hunters — giving more thought to their particular needs. We’ve already touched on the trend of those looking for a working-from-home space. Going hand in hand with that is a large volume of search for broadband quality, clearly a priority for many buyers.
House age and access to transport continue to be important to searchers, as does size, with many wanting more space for their families after two years of being at home.
Green space is important
Perhaps unsurprisingly, access to a garden or green space also features highly in many buyers’ priorities. This trend has been apparent for the last couple of years, with many urbanites longing to ‘escape’ the city for properties with green grass and fresh air.
Outside of the city walls, many of Chester’s suburbs and environs offer properties with good sized gardens, making it a good time to capitalise on this desire. As well as — or instead of — a personal garden, many are looking for quick access to public parks and green spaces.
With all these factors in play and the Chester market still enjoying booming prices, now is a perfect time to get a valuation and explore selling.