House prices are still high, buyer demand is still great, it’s still a great time to sell your home!
Have a read of these key results from Zoopla’s latest House Price Index Report*… According to the Zoopla House Price Index for March 2022, average home prices rose by +8.3% on the year, up from +0.2% from February 2022.
Zoopla report that the supply of new homes for sale is rising, up a modest 3% on the 5-year average. However, the table below shows the demand/supply imbalance % change throughout the UK. It is clear the demand/supply imbalance is continuing into Summer 2022.
House prices are being pushed up as buyer demand remains strong in the face of more constrained supply. Total average price growth since the start of the pandemic in March 2020 now stands at 13%. Taking the average value of property close to £250,000 and up £29,000 since the start of the pandemic.
The levels of annual price growth registered over the last three months are the highest since 2007 as per the chart below.
Zoopla report that while there are signs of a positive turn in the supply of homes for sale, it is unlikely that the total shortage of stock across the UK will unwind this year. This will continue to put a floor under pricing.
The North East has seen a +7.5% annual change in house prices.
So if you’re considering selling, now really is THE TIME TO SELL! Here at Rook Matthews Sayer, we are still seeing very high demand as the property boom continues. We urgently need more properties in all areas to keep up with buyer demand!
Don’t delay, contact your local branch or book online today for your free, no obligation valuation!
With sixteen branches across the north east we are here to help
Choose your local branch here; Alnwick, Amble, Ashington, Bedlington, Blyth, Fenham, Forest Hall, Gosforth, Hexham, Jesmond, Morpeth, Ponteland, Ryton, West Denton, Whitley Bay or Commercial at Head Office.
(Article and graphic source – Zoopla House Price Index March 2022, https://advantage.zpg.co.uk/house-price-index-report/)