New Year Sales Figures Are Good News For Property Sellers

Rightmove has released its January 2022 sales figures and we are delighted to report that they are in line with the sales activity across our Chichester and Bognor Regis offices, which have both got off to a flying start this year. 

Not only were average property prices across the country 7.6% higher than this time last year, the number of valuation requests also jumped by 44%, which suggests there are a lot more properties coming to the market for ready and waiting buyers. 

Although the number of properties for sale per estate agent is at an all-time low, this means vendors are sometimes benefitting from frenzied buyer demand.

As purchasers rush to secure their dream homes while mortgage rates are still at some of their most historic low levels, we are seeing a record number of people registering with us and we are carrying out on average 9 viewings per property. 

Our first-time-buyer activity also concurs with Rightmove’s findings, which claim that the average asking price for a typical first home has hit a new record of £214,176 (excluding London).

With Chichester among one of the first areas to see property prices exceed pre-financial crisis levels - now standing over 4% higher than last year - it still remains (along with the surrounding areas), one of the best places to buy a starter home. 

In fact, Chichester has been dubbed one of the happiest places to live in the UK, with the most sunlight hours even during winter and being easily commutable to London. 

Top tips for buying or selling in the current market

As the Rightmove data shows, and we have to agree, now is a great time to sell any kind of property as there is an extreme shortage of stock, widening the gap between buyer demand and supply. 

If you are considering selling, then we have buyers of all kinds, many with a mortgage offer in principle, cash, no chain behind them and/or a property already sold, subject to contract.

Flats and terraced properties (the latter our most popular property type sold in 2021) are particularly sought-after by first-time buyers, but also by downsizers. This is a niche of the market that is booming, with families whose children have flown the nest and those who have accelerated retirement plans selling while the market is high. 

This is why, as Rightmove suggests, the ‘top of the ladder’ properties are starting to go on the market, pushing up average asking prices. 

If you are a buyer, however, then now is the best time to get a good deal on what we would call second-stepper homes. Three- and four-bedroom detached and semi-detached properties actually saw a month-on-month decrease in asking price between December 2021 and January 2022, suggesting demand is stabilising.

Don’t hesitate 

Whatever your property plans this year, now is not the time to hesitate. 

For buyers, supply will take time to catch up and prices will probably go up, albeit at a much slower rate, but we also expect borrowing and the cost of living to become more expensive too. With this in mind, perhaps a new build home, which is often more energy efficient, could prove a worthwhile option. 

For sellers, yes, prices will probably continue to rise, but not on a scale they have done and delaying now could mean you miss out on the perfect buyer.

In the meantime, keep an eye out for our Chichester and Bognor Regis Property Market Insight Reports coming out in the next few weeks. In the meantime, get in touch if you’re interested in buying or selling soon.