UK Property Market News – Our Market Update
Pearson Ferrier Director, Mitchell Pearson, shares his insights into the current climate of the UK property market news and why we’re feeling cautiously optimistic ...
We approach the New Year with a good deal of enthusiasm; 2021 was an exceptional year for property throughout the UK, and it was an equally memorable year for Pearson Ferrier, as it marked our 25th year in business. Over those 25 years, it has been our pleasure to advise many would-be vendors and landlords on the sale and/or rental of their properties in the Bury, Ramsbottom and Radcliffe districts, not to mention securing homes for thousands of new buyers and tenants.
2021 saw unprecedented market conditions. In some areas, we were amazed to see property values rise by as much as 15% – a rise which appeared to defy logic, but was actually a result of various economic factors, including:
Earlier in the year, the assumption was that the market would begin to ease as a result of the stamp duty holiday and the furlough scheme ending, both of which were no longer available as of September 2021. This, coupled with the fact that many predicted a rise in interest rates when the new budget was announced, meant that those in the property market were ultimately uncertain about where it was all heading.
However, contrary to popular belief and despite the modest rise in interest rates just before Christmas 2021, and notwithstanding the Government withdrawing both furlough and the stamp duty incentives, the market has marched on. In fact, industry analysts have reported that confidence in the UK property market will remain buoyant until 2025!*
With all this in mind, and considering the demand we’ve seen from potential buyers, we are confident for an active market throughout 2022. Whilst prices may not move on at the same rate as they did through 2021, with the balance of supply and demand tipped in favour of the seller, we are anticipating keen trading conditions and a market which make moving home a relatively smooth and timely process.
As a result, it is in the professional opinion of the whole team here at Pearson Ferrier that those looking to put their house on the market should take advantage of the current property climate and list their home as soon as possible. Now is absolutely the time to sell, as not only are you more likely to sell your house in record time, but you’re also more likely to achieve the biggest financial return on your property investment, and the Pearson Ferrier team is here to help.
For further information on the selling process, some helpful tips on how best to market your property, or if you’re ready to get that ‘For Sale’ sign put up, please don’t hesitate to get in touch with our team.
*As predicted in residential property forecasts from Savills.