Will 2022 be a good year to move house?

Whether you’ve been thinking about moving to a new house in Leeds for a while, or you’re hoping to start the process in January, you might be wondering whether 2022 will be a good year to do it?

After all, despite the recent buoyancy of the housing market, certain factors such as the uncertainty around new variants and a possible rise in interest rates could cast a shadow.

And while no one has a crystal ball, here we look at the factors that could have an influence and discuss whether 2022 could be your year to move.

House prices look set to continue to rise... for now

Although the property market isn’t likely to be as frenzied as it has been since mid-2020, the demand for houses is still high, so prices look set to continue on the up. In fact, Rightmove has predicted a rise of 5% for next year, with a higher rate of 7% forecast in Yorkshire and the Humber. This is tempered however, with the Treasury reporting a more conservative prediction of 1.4%.

Even so, it does look as though the current demand for properties will continue and have a boosting effect on prices.

Whether this will last throughout the whole of 2022, however, is unlikely. Evidence suggests that more homeowners are thinking about moving, which will put more properties on the market and curb prices.

 

Yet, you’re likely to get a fair price

Although demand for houses remains high, there is evidence to suggest that houses are no longer achieving over the asking price, so if you’re buying a house in Leeds, you’re more likely to get a fair price in 2022.

The flip side of course is that, if you’re selling as well, your sale price is unlikely to be boosted by a bidding war.

 

There’s going to be lots of properties on the market

If you’ve been house hunting for a while but have been outbid or just haven’t found anything suitable, with lots more properties hitting the market in 2022, this might be the year that you find your dream home.

Rightmove reports more homeowners valuing their homes, signalling more people are getting ready for a move next year. This means there will be plenty more choice on the market.

 

Even if there is a rise in the base interest rate, mortgage rates will remain low

Although economists predict the Bank of England will hold off from raising the base interest rate until the outlook for the economy in the wake of Omicron variant is clear, a rise at some point next year is more than likely.

However, even with one or two quarter percent rise, mortgage rates will still remain low in comparison to historical rates. And there are still lots of low-interest rate products available, so if you’re able to move in the first quarter of 2022 especially, you should still be able to get a good deal. Start looking now to take advantage.

If you’re thinking about moving house in Leeds, why not start your search with us today? We have a wide range of properties available - simply browse online or get in touch and we’d be happy to help.

 

 

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