Moving home in Tilehurst or Reading this year, here is all you need to know.
By Charlie Higgs – Owner Village Properties
Last year, the residential property sales market in Tilehurst and Reading was the busiest I can remember, the frantic pace caused predominantly by the uncertainty around the pandemic, and more locally by urban buyers in their ‘search for space’.
The two main drivers for last years market, both unique and perhaps once in a lifetime events, were as a direct result of the Covid Virus. The first was as a result of the stamp duty holiday, which encouraged a surge of buyers to bring their move forward to take advantage of the not inconsiderable savings.
Secondly, with the work from home option available to many, often those that lived and worked in the city took advantage of this and decided a move to something with more space. This caused a second surge of buyers, as people sold up in the city and move out. This became known as the ‘search for space’ and is often discussed at length by local and national media.
These market conditions resulted in what was frequently described as a buyer frenzy, with highly motivated buyers competing against each other for dwindling numbers of available properties. There simply wasn’t enough supply of property to the market to meet the huge demand.
The result of the high demand inevitably caused prices to increase and by the end of 2021, it was widely reported that house prices had increased by 10%.
Signs of Normality
We still see the ‘search for space’ buyers actively looking, but there are those that moved from the city last year that have decided that life outside of London is not for them. Some have already put their home on the market with a view to moving back.
As a result of the over-heated property market of last year, many local people put off their planned home move preferring to sit tight and weather the storm. Of these local sellers and buyers, a good number had already postponed a move from the previous year due to the Covid lockdowns in 2020.
In more normal times, January is a fairly quiet month, after the festivities and new year celebrations. This year we’ve been kept busy with local people considering a move in 2022. For those with the moving bug, there is some good news, certainly for the Tilehurst and Reading buyers and sellers, as the initial signs are that some normality is beginning to return to the local property market.
Moving home in 2022, what to expect
Whilst market conditions have slowed compared to last year, there is still strong buyer demand, this is down to the relatively low levels of property stock available on the market. From the flurry of activity in early January, signs are that more property will be coming to the market over the coming weeks and months.
Local sellers that have been put off moving in the previous year or two are keen to take advantage of the current more civilised market conditions, whilst the property market is still strong. There are some very compelling arguments for a move in 2022!
It’s a sellers’ market – If you’re selling a property, a sellers’ market is the best time to sell. Prices are strong, and you can generally make a sale on your terms, not those dictated by a buyer in a buyers market.
Low mortgage interest rates – There is currently some uncertainty from lenders around mortgage interest rates as they are concerned about inflation. Although interest rates are very still low relative to the average, despite the Bank of England increasing interest rates in December from 0.1% to 0.25%.
Mortgage lenders are always going to be competing for business and there are still some low fixed-rate mortgages available, with the uncertainty of possible further increase in Interest rates, now is a good time to be in the mortgage market.
Best advice for home movers
The best advice I can offer is not to put yourself under pressure… Sounds simple, and it’s something I hear myself saying often. Although sadly, and more often than not, I see many people making the same mistake. By finding the home of their dreams without being able to proceed immediately, and subsequently lose out to someone that is.
So, to give yourself the best chance of success, by all means, look to see what’s available in your price range, but then put your home on the market and when you receive an acceptable offer, then you are in a great position to go and find that home of your dreams.
Happy house hunting.
Thanks for reading