Thinking of buying a home in Cheadle? What should you expect in 2022?
When it comes to the Cheadle property market in 2021 and the UK in general, words like crazy and frantic spring to mind. It was a year where the number of properties on the market was low and yet demand was overwhelming at times. Where house prices reached record highs – in Cheadle alone they went up on average 13.4% and many buyers were left out in cold and even struggling to get viewings. As we are heading to the end of the first month of the year, what is it like out there for buyers? And what should you expect if you are looking to buy a home in Cheadle in 2022?
What has been happening
Competition for homes from buyers was fierce last year, which has been confirmed by data from Propertymark (a leading membership body for property agents). “Our Housing Market Report for November revealed an average of 29 potential buyers for every available property per branch – a 21% increase in competition from October, however, despite a rise in the average number of potential buyers, a record low supply of properties was recorded, with an average of just 20 homes per branch – 50% less than in November 2020,” stated Nathan Emerson, CEO at Propertymark.
With the end of the stamp duty holiday last year, it was predicted that things may settle down this year, but this has not been the case so far. According to recent data from Rightmove, the number of buyers enquiring about homes is 15% higher than the same time last year. Yet, before you start to panic and wonder if you are going to face the same challenges finding a home as last year, there may be some light on the way for your search. Rightmove figures show that the number of requests for home valuations during the first working week of 2022 was up by 44% on the same time last year, and up by 48% on the same period in 2020.
What this means is that we should start to see more homes coming on to the market, giving you more choice as a buyer. Here, at Maurice Kilbride we are seeing an increase in the number of enquiries by potential home sellers, who, due to a steadier return to normality, have increasing confidence about making that move which they have been considering for a while. There will still be competition for properties, and there are things you can do to make sure you are in the best position should you find that home of your dreams.
Share this article
Cheadle Property Market Update February 2024
Whisper it quietly, but the start to the New Year for the local SK8 and SK3 property market has been pretty good! January can be a long and hard month for many of us after Christmas and with it being a five-week month, but the early signs are that more buyers are venturing back into the market.
Five Critical Factors Every Cheadle Home Buyer Should Consider in Today’s Market
In an ever-evolving and more uncertain housing market, it can be tricky to understand the complexities and make well-informed decisions. Here are five critical factors every Cheadle home buyer should consider in today’s market.
Mortgage rate reductions put a spring in borrowers steps
The new year has started with some bright news from the mortgage lending market. Rates attached to home loans have been steadily falling and in January, some of the most substantial rate cuts were made by leading banks and building societies.
Sign up for our newsletter
Subscribe to receive the latest property market information to your inbox, full of market knowledge and tips for your home.