What Will The Central London Sales Market Look Like In 2022..
Greater London Properties debrief what has been a record year for sales and takes a look at whats to come in the months ahead..
These last 18 months have been very fast paced for the Central London Housing Market due to the high demand for larger homes and a desire for a fresh start.
With 2021 coming to a close, we expect to see a calmer time in 2022 and most importantly a more consistent one. The peaks and troughs of 2021 were a whirlwind and saw prices spiraling however with external factors such as interest rates and inflation being where they are, people are expected to make more grounded, slower decision when it comes to larger assets.
In London, the boroughs that saw the biggest price increase this year were: Richmond (12.5%), Hammersmith & Fulham (12.4%) and our very own Westminster at 11%. The average cost of a home was at an all time high in August meaning London was one of the strongest property markets in Britain. However as the stamp duty holiday slowly came to a close, we saw things slow down, even in our capital.
Within our own Greater London Properties sales team, we have seen a huge volume of interest in areas such as Connaught Village, Bloomsbury and the Covent Garden borders with 80% of our properties going for over asking price and completing within 2 months. We have welcomed new Property Valuations which doubled in the months of September and October this year as clients were keen to see how the recent pandemic has affected the price of their properties.
Moving into 2022, London is predicted to continue this positive trend as we hope to see the return in oversea investors, professionals coming back to the capital and many others prioritizing homes in their decision making.
It is expected that asking prices will rise by another 5% in 2022 and therefore the high demand for properties, especially for 2 - 3 Beds ideally with outdoor space is still solid. Despite the high demand, buyers will have limitations as to how much they can afford or are prepared to pay. Therefore it is imperative you find an agent that won’t simply offer up a high valuation figure to win the instruction - this only ensures your property sits on the portals, stagnates and spirals into price reductions.
We have already seen a 22% increase in the number of offers being made and along with the increase in the number of valuation requests this is a strong sign 2022 will have some fresh properties available to buy. Using an independent, established estate agent such as Greater London Properties to sell your home will ensure your property is marketed to the right people in the right places. Our valuations are honest, and our advice is transparent. As our client, you will receive constant feedback, updates and our team are always on hand to guide you through the process.
Offering attentive customer service is our priority and getting the best value for your home is our motivation, please take time to read our lovely reviews on Trust Pilot, rating us as ‘excellent’.
All that’s left is to wish you all a very Happy Christmas and New Year, if you have any questions at all please contact us, or even better give us a call on 0207 113 1066.
We look forward to working with you in 2022.
Warmest Regards
Rob Hill, Owner