This year is set to be the busiest since 2007 according to Zoopla, with one in sixteen privately owned properties on course to exchange hands by the end of the year. This has bought the annual UK property growth to 6.9%, with a strong 19% increase for demand in properties compared to a decrease of 42% below the five-year average in the supply of homes. Houses have increased on average across the UK by 8.3%, compared to apartments at just 1.6% as the race for space becomes significant for homeowners.
Every year the property market sees an increase in stock levels following the Christmas period with Rightmove showing that last year Boxing Day traffic levels increased by 54% compared to the year prior. Therefore, this competitive seller’s market, in the new year should start to settle as more stock comes to market. There is no certainty to what exactly 2022 brings but it has been said there is no sign of the current market prices and the race for space decreasing.
For those looking to move in the new year, it is important to take into effect the rush of Boxing Day, so it could be beneficial to get your home ready now, so your agent can list your home in this period, when website traffic is at a high. This also means you are ahead of the competition. Zoopla reckons that the market will smooth out and buyers such as first-time buyers and investors may start to slow, which should in turn help levels return to normal. Currently in the Southeast there has been an increase by 6.5% in property prices on average. Therefore, if you are looking to speak to a professional about the Kent property market, call me today on 03309 125285 and I will be happy to answer any questions and provide any assistance.