GLP Sales Update: Why March 2022 is a good time to get your Property Valued?
One of the most popular questions we receive is if now is a good time to sell? At Greater London Properties, we believe in transparency and often we advise our clients to wait until we see a busier market - we want you to achieve the maximum potential for your property.
Receiving a Property Valuation for Sales or Rent may seem easy, however there is more brewing under the surface in the UK housing market than you might realize and 2022 will see a huge amount of change for certain Vendors and Landlords.
Whilst people predicted housing prices may plateau and even drop, the beginning of this year has already seen a number of different factors come into play that might not bring the news prospective buyers necessarily hoped for. 2021 saw property prices rise a huge 9.8% (which is the biggest annual rise since 2004 which saw 12.5% increase) however there are certain red flags ahead.
With rising interest rates and inflation hitting 30-year high, borrowing rates remain exceptionally low which is great for buyers however the issue they have is a sheer lack of supply in Central London.
Global shortages of materials used for building new homes has also meant longer lead times therefore boosting the prices of homes across the board.
In addition to this, with the cost of living increasing (energy prices are expected to shoot up in April when the price cap on gas and electricity is renewed), will buyers be able to afford all the costs of owning their own home?
Rob Hill, Director of Greater London Properties
“ There are more factors than normal coming into play for home owners in 2022 – inflation, increased cost of living, potential national insurance increase plus possible Bank of England base rate rises, however I have always maintained that Central London is exceptionally resilient. We always advise our clients to get an updated Property Valuation around February purely because we see an increased number of buyers around this time. The difference we have to the rest of the UK is that the type of buyer Central London attracts are not often impacted by everyday fluctuations in cost.
International students, retired parents buying for their children, affluent business owners needing London space – living in Central London has always been more expensive than anywhere in the UK and our buyers understand it will always be a good investment. They are in it for the long run”.
If you would like to find out how much your current property is worth in Central London, give our team a call today and we can give you an accurate value. GLP work tirelessly to ensure we are at the forefront of the market with street by street knowledge we are the independent experts in Central London and have been for almost 20 years.
Please give our Sales Manager, Oskar a call today on 0207 734 4062 or if you prefer please email.
We hope you have found this article helpful and we look forward to hearing from you.
Warm Regards
Rob Hill