Housing Market Update – Spring 2022
The keen-eyed amongst you may have spotted that we’ve missed a month or two of our regular housing market updates… let’s just say we have been very busy bees here at Milne Moser!
So, what’s keeping us on our toes? The simple answer is a very fast-moving property market!
We’re delighted to have taken instructions on a great range of homes right across the South Lakes and north Lancashire region, including some lovely properties in very desirable and sought-after locations such as, Newton in Cartmel, Over Kellet, Burton-in-Kendal and Natland.
Kendal, Milnthorpe and Carnforth are also still very much in demand, with a range of properties from single-bedroom apartments to executive family homes coming to market and immediately attracting a lot of interest from genuine buyers.
The headline news remains the growth in property prices, driven in no small part by continued buyer demand. With the previous two years or so being impacted by the Coronavirus pandemic, analysts look back to 2019 as the last ‘normal’ year in which to measure figures against, and the findings published on the Rightmove House Price Index include one real eye-opener:
Average house prices across the UK have risen more than £55,000 in the past two years, compared to a more modest £6,000 rise in the two years before the COVID pandemic.
According to the Halifax House Price Index, the average house price in the UK stood at £289,099 with this being the eleventh consecutive month that average prices have risen.
Paige McNaughton, Sales Manager at Milne Moser: “All three of our offices in Kendal, Milnthorpe and Carnforth are seeing consistent increases in property prices. Although we are starting to see signs of the market settling, homeowners are still seeing their investment in bricks and mortar steadily growing.”
“At present there’s still incredibly high demand for properties of all description are all attracting interest from buyers who are in a position to move fast when the right property comes to the market.”
“There has naturally been plenty in the national news regarding the rise in cost of living and interest rates creeping up, but most buyers remain undaunted by this, and many appear to have budgeted accordingly.”
“When there’s a lot of buying and selling taking place, there’s often also the real concern that the process might be scuppered by breakdown in buying chains. Thankfully our team are NAEA Propertymark qualified and skilled professionals who are experienced in dealing with the progression of the sale.”
“We also have the team at Milne Moser Solicitors who have been working hard to ensure that conveyancing matters are being kept on-track and keeping us updated accordingly.”
All great news but this does have a flip side in that there are still fewer properties coming to market than there were two or three years ago, a fact that is keeping buyers on their toes and ready to jump whenever a new property comes to the market.
So, the last words of advice from Paige: “If you’re thinking of selling, what’s holding you back? If you’ve not had your home valued in a while, then you might be very surprised what the current market value stands at and the fact that there are buyers ready and waiting for you to make your move.”
Residential Lettings Still in High Demand
The residential lettings side of the property sector continues to run in parallel with sales in that demand from tenants remains at an all-time high, juxtaposed with fewer available properties.
“It’s true that the exponential rise in short-term holiday lets has stripped a lot of properties out of the rental market, but there are definitely signs that there is a shift back to long-term lets from landlords and property owners who have discovered how much work is involved in operating a holiday let.” Says Milne Moser Lettings Manager, Kate Ridley.
“The upkeep of a holiday let including changeovers and ongoing repairs, marketing and logistics can be a real headache and be incredibly time-consuming. Even if you appoint a holiday lettings agency to take care of all of this for you, the fees can quickly mount up leaving some owners questioning whether it is worth the effort.”
“There are also reports in the industry press highlighting a shift in perceptions from renters who see long-term tenancies as just as attractive as buying their own home, and that they are willing to commit to staying longer and looking after the property with the same care as if they owned it.”
Jack Godby of Ocasa, writing in Letting Agent Today: “In reaction to this growing demand, rental providers are upping their game, providing high quality homes with tenancy agreements that offer greater security and more freedom [for tenants] to make the property their own.”
“The bottom line is, if you’re considering either renting your property or looking to sell then you are still in a very strong position.” Concludes Kate.
“The last thing you should do is to do nothing and potentially rue having missed a great opportunity. Both the Sales and Lettings teams at Milne Moser are happy to discuss your property with you and provide a full valuation or rental market appraisal without any obligation to proceed further.”
If you’re curious to find out more about the value of your home, or to hear more about our comprehensive ‘let and forget’ lettings management services, then we’d love to hear from you.
Article references:
Halifax House Price Index May 2022 (PDF download) – https://www.halifax.co.uk/assets/pdf/may-2022-house-price-index.pdf
Rightmove House Price Index 2022 – https://www.rightmove.co.uk/press-centre/house-price-index/may-2022/
Rightmove House Prices in Kendal – https://www.rightmove.co.uk/house-prices/kendal.html
Rightmove House Prices in Milnthorpe – https://www.rightmove.co.uk/house-prices/milnthorpe.html
Rightmove House Prices in Arnside – https://www.rightmove.co.uk/house-prices/arnside
Rightmove House Prices in Carnforth – https://www.rightmove.co.uk/house-prices/carnforth.html
Rightmove House Prices in Silverdale – https://www.rightmove.co.uk/house-prices/silverdale
Rightmove House Prices in Grange-over-Sands – https://www.rightmove.co.uk/house-prices/grange-over-sands.html
More Choosing To Rent Long Term – https://www.lettingagenttoday.co.uk/breaking-news/2022/6/more-choosing-to-rent-long-term–claim
