A look at house prices in 2022. How much could you sell for this year?

Despite projections that the property market was set to cool down in 2022, the new year’s market is shaping up to offer fantastic opportunities for sellers. 

According to Rightmove, average house prices have increased to £341,019 last month, taking annual growth to 7.6% since January 2021*. This is the highest yearly price rise since 2016. And, it's not just a substantial rise in prices that’s getting people excited - there are lots of positive indicators for those considering selling their home in 2022. Here’s how the new year property market is shaping up so far...

How much is my home worth?

There’s a shortage of sellers and high demand from buyers..

The low number of sellers listing their homes means those that did list reaped the benefits as buyers across the UK made large offers and moved promptly in order to secure their purchase ahead of the competition. As well as a lack of sellers, there are a growing number of buyers looking to purchase UK property - in fact, the number of enquiries to agents across the UK is 15% higher than the same time last year.*

Where have prices increased the most across the UK?

Despite many positive indicators for the market in 2022, some areas of the United Kingdom are faring better than others. Those planning a move in the south west of England will find the local market in particularly good health. Growth is up 2.4% month on month and an impressive 11.6% year on year. It takes on average 32 days to sell in the region and currently, it’s the fastest moving market in England and Wales. There’s also great news if you’re considering selling your home in the north east of England. Growth is up 2.5% month on month and 6% year on year. It now only takes on average 40 days to sell in the region.*

Is Scotland still booming?

The market north of the border continues to go from strength to strength and sellers are seeing huge profits on their properties. Throughout Scotland demand is now so high, on average it only takes 27 days to sell a home.* In Edinburgh, the average house price is £243,200 – an increase of 3.3% since May last year. The number of buyers is also continuing to increase in Glasgow as prices have grown at a similar rate during this period (3%)^. If you’re thinking of selling a home in Scotland, don’t delay. Find out how much you could sell for, today.

What’s happening in the lettings market?

There are also positive indicators for landlords this month as Rightmove announced that rents across the UK have increased at the fastest ever rate, and in some areas, tenant competition has doubled. For landlords, this offers a great window of opportunity to maximise on a rapidly expanding market. The latest data suggests UK rental yields are now at their highest point since 2016, and at their highest level ever in North East England and Wales.**

Could you earn more in monthly rent?

If I sell this year, will I struggle to buy a new home?

If you’re on the fence about selling because you have concerns about finding a new home, rest assured. There are early signs that more property choice is coming, with the first week of 2022 registering as the busiest start of the year ever for valuation requests, which is 44% higher than the same period last year.

Many homeowners have experienced a lift in equity over recent years, which will likely encourage those who have been undecided about selling to take the leap. We expect to see many more homes come to market in the coming weeks and months, so finding a property to buy should not be a problem. If you have a property to sell, it’s always a good idea to start the sales process on your current house so that you’re in a good position to buy when the time comes.

How much is my home worth?

It all starts with a valuation. Get yours for free, today.