2022 started as we expected. Busy but characterised, as was 2021, by a chronic shortage in supply of homes for sale. Prices continued to increase with very quick sale agreed times. The average length of time from listing with us to sale agreed over the past 6 months has been under 4 weeks. We expect this pace to continue in particular for spacious family homes.
As we enter the second half of the year, we feel that we are seeing the beginning of a stabilisation of prices.
Affordability is now rearing its head as a concern for many buyers and should therefore feed into price stabilisation. The European Central Bank has confirmed its intention to hike interest rates in July. A further increase is also expected in September.
The supply/demand issues will continue for the foreseeable future. More properties are now coming to the market which will improve supply but it is difficult to see it keeping up with demand. Good sized, family homes will continue to be in demand. In particular, those that require little or no work in terms of both modernisation and aesthetics. Construction remains full steam ahead and with the vastly increased levels of completion, this should start having an impact on the supply chain.
For now, we anticipate a busy summer period as many keen to get on the property ladder strive to do so. The
factors impacting the market stabilisation will gain traction and by the time we reach Quarter 4 market conditions may well look quite different again.