June, 2022
It is almost impossible to predict what will happen in the future, however looking at the treds and statistics can often give you a good indication of what might happen.
According to Righmove......
House prices in Great Britain hit a record high in June but are likely to start falling during the next few months as interest rate rises and a worsening cost of living crisis finally start to put the brakes on the property market’s record-breaking run.
Asking prices hit a record for a fifth consecutive month in June, rising by 0.3% – or £1,113 – to reach £368,614. However, this was the smallest monthly increase since January, which shows that the pace of the market is easing a little.
After a very strong first half of the year, it is likely that the housing affordability crunch will have a greater impact on market behaviour in the months ahead, with further interest rate rises anticipated during that period.
This, alongside more choice coming on to the market for buyers and the usual seasonal variations we would expect, means there are likely to be some month-on-month price falls during the second half of the year.
It is expected that the annual rate of price growth will be slashed almost by half from its current 9.7% to about 5% by the end of this year.
On top of this is the “conveyancing logjam” of 150 days to complete from agreeing a sale will mean that those looking to sell their property needed to come to market during the next few weeks to be in with the best chance of moving before Christmas.
If you are interested to know what your home is worth, please get in touch with the team at HS Homes of Solihull on 0121 430 4448 or enquiries@hshomesofsolihull.co.uk.
