Property Market Update – February 2022

After the festive period and into 2022 we’ve seen an influx of enquiries from homeowners wishing to sell their home, potential tenants searching for rental properties as well as new landlords keen to start their portfolio.

Many properties for sale continue to go to a closing date, with demand from first time buyers and homeowners wishing to move to a larger property still very positive. We regularly have multiple buyers and tenants interested in available properties. If you’re planning to sell your home then as we move into Spring, it’s an excellent time to obtain the maximum price for your property.

At Bensons Estate Agents our newly launched fixed-price estate agency service has been warmly received and Rightmove recently confirmed we were the number one lettings agent for lets agreed in the local area last year.

Interest rates on the rise

There has been significant talk about rising interest rates, meaning mortgages will become more expensive. Inflation – the cost of goods and services – has been increasing and one strategy traditionally used to control inflation is to increase interest rates.

The cost of petrol, gas and electricity, food and clothes have been on the rise in recent months and this has meant inflation has soared above the government’s 2% target.

We believe that interest rates will continue to increase, however rates set by the Bank of England have been very low for over a decade. Therefore, it’s expected a reasonable increase would not be detrimental to the affordability of mortgages.

Research suggests that even with slightly elevated interest rates the demand for new homes will continue throughout 2022.

Landlords & rental opportunities

We’ve spoken to new and existing landlords in 2022 about utilising our lettings services. Many existing partners are planning to expand their portfolio and we’re delighted to offer our advice and guidance throughout the process. We’ve also assisted new landlords with free market and regulatory advice to empower them to make informed decisions with their investment properties.

The rental market is buoyant and we regularly have dozens of applicants applying for available properties to let. We’re actively speaking to new landlords to help meet the demand from tenants.

Are you thinking about selling your home?

If you have been thinking about selling your home and would like advice on the process and information about how we can help you, please get in touch.

We offer a free property appraisal, which includes a COVID-19 safe property visit and a summary of what we believe your property could sell for. We also explain about our extensive marketing services to ensure the maximum number of interested buyers are viewing your home.

To book your free property appraisal with Shaun please call 01355 907 771.

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