1st March 2022
Moving to Chester? What to expect from house prices in 2022
If you are thinking of moving to Chester in 2022 and want to know what’s in store for house prices this year, we’ve got local insight and experience to help guide sellers and buyers and help them make the right decisions.
The Chester property market had one of the busiest years ever in 2021, caused in part by the stamp duty holiday, historically low interest rates and pent-up demand from the pandemic. In 2022 things might start to look a little different, so the question that hopeful buyers and sellers are asking are… will property prices continue to rise?
Demand for houses since the start of 2022 has remained very high and new stock is still being snapped up very quickly with a ‘wait list’ of buyers waiting patiently in the wings for new stock to arrive.
The most recent index released by Halifax, has shown yet another price increase, bringing the average UK property to a value of a record-high £276,759. This is a substantial rise of £24,500 in the space of a year, which signifies a 9.7% annual increase. The North West is leading the way in this increase, with average house prices growing by 12%.
A soft landing as house prices cool off
The impact of soaring inflation, the increased cost of living and the rise in interest rates could see house prices in Chester cool off later this year, but we anticipate a soft landing as prices gradually reduce, rather than a sudden fall.
Flexible working is causing people to relocate
With a rise in people working more flexible, home buyers have a different wish list to what they had pre-pandemic. High-speed internet, space for a home office and outdoor space are among the top priorities for house hunters. Many young professionals are less reliant on properties located in easy commuter distance of the office and are happier being in the suburbs of Chester that offer good local restaurants and pubs.
Is now a good time to move to Chester?
The competitive mortgage deals that are available make borrowing very attractive to house buyers at the moment, making it a good time to move house.
If you’re thinking of selling your property and want to secure the highest price for your home (with offers above the asking price in some cases) now is the best time to put your property on the market so you can take advantage of the high demand of buyers.
Some sellers are nervous about putting their property on the market because they are concerned there is a shortage of stock for their next move and things may move a bit too quickly for them. We can assure sellers that we will effectively manage the property chain to fit your timelines and most buyers are prepared to wait to secure a property that they really want.
Whether you’re a buyer or a seller, we’re to offer help and advice on any aspect of moving house. Contact us on 01244 346226 if you would like a free home valuation.