Esale’s predictions and advice for buying and selling in 2022
With a new year now among us and following the radical increase in house prices seen in 2021, the thing everyone seems to be wondering is… what to expect of the property market
Unlike last year, it is improbable that the same financial aids will be provided to those buying and selling property – such as the stamp duty holiday.
Equally with uncertainty around Covid still looming, we cannot be sure exactly what impact this will have on people’s drive and motivation to move home this year.
There are a number of general economic barriers that need to be factored in to any property market predictions, these include higher rates of inflation, interest rates and general economic uncertainty as a result of Brexit.
Over the festive period Esale saw a huge rise in the amount of people requesting property valuations, which does suggest that generally people are gearing up to sell their property and, after a slow start, new orders are now gradually rolling in which does indicate to us as agents that the market is beginning to pick up across the board.
That said, there still seems to be a certain level of hesitancy in those thinking about selling their homes, but… what is causing it?
The biggest deterrent to anyone thinking about selling or buying a home at the moment is general uncertainty which, given how drastically the market has moved over the past year is
BUT one thing we’re fairly sure of is that house prices aren’t going to come down, although the recent expediential rise in house prices should slow down.
What the Esale Team Think…
David Rook – Esale Managing Director comments :
“The increased number of property valuation requests I received over the festive period does suggest a growing optimism and gradual boost in confidence in the property market this year. That said, there is always a danger of the property market becoming stagnant, with people not putting their houses on the market because there are no houses on the market.
Fortunately, I don’t think this will be the case this year, but is never-the-less something that I remain aware of.”
Jessica Pape – Estate Agent says :
“The rise in property demand but lack of properties on the market, in correlation with increased house prices does mean that currently we are very much in the midst of a seller’s market. Unfortunately however, the butterfly effect is that without houses to buy there are no houses to sell, so we can only hope that as external factors such asrising interest rates start to become more steady and apparent, there will in turn be a surge in those putting their property on the market as levels of uncertainty subside”
Craig Pinning – Estate Agent adds :
“My advice to those considering buying or selling a home, is that you get all of your ducks in a row before going to view anything else.
If you’re a first time buyer ensure you have an agreement in principle ready, if you’re a cash investor then have that money available and ready to show an agent at the point of offer, and if you’re selling a home to buy another, it’s preferable that you’ve sold as this would put you in a far stronger position to buy.”
How to get yourself in the best position to move
If you have ever sold or bought a property before, it’s probable that you have been asked by and estate agent “are you proceedable” – but what does that mean exactly?
In a ‘buyers market’ it’s far easier to acquire a property and often for less than asking price as in this type of market there is less demand but more properties to sell.
On the contrary, a ‘sellers market’ (like the one we find ourselves in currently) would usually suggest more demand and fewer properties available.
The term ‘proceedable’ is one that suggests you’re ready to go, so if your property is on the market but not sold then understandably in a situation where there is multiple interest in any
one property, the vendor will favour an offer from someone who is ready to proceed as opposed to someone who has not sold (sometimes regardless of which offer is higher).
For this reason if you are currently thinking of selling your property to buy another, ensure it is on the market and preferably sold before you offer on another – this will put you in the strongest position possible.
Equally if you’re buying for the first time, have an agreement in principle ready.
An ‘Agreement in Principle’ is a provisional document which can be made readily available by most mortgage brokers.
Not only will having this offer you absolute clarity on what you can afford, but will also be asked to be seen by an agent upon offer, without which, will not be accepted.
For more property advice, a valuation or if you’re considering but just not sure whether it is the best time to sell your home… contact Esale.
Dave, Jess and Craig are all on hand to answer any questions you might have.