Market Comment – March 2022

March saw the momentum of the housing market continue, with the average UK home now over £265,000 and that is £33,000 higher than March 2021, with a 14% increase since last March. This has been the strongest pace of increase since November 2004.

After reading numerous expert reports, all be it the housing market may not continue at this pace, it is projected to continue to rise throughout 2022 and when we ask the question is affordability under pressure, the expert Martin Roger Fagg’s opinion is the mass market will experience a slight reduction in purchasing power, but the majority will have excess to cover it, so the market will continue to remain strong throughout the year and this is projected to end in 2023.

As I look across our operation, from Crystal Palace to Coulsdon, the number of prospective purchasers registering to buy a property is up 9% on March 2021 and I try to look deeper in to the requirements of these prospective purchasers but it is very equal, with a strong demand for 1 and 2 bedroom flats and large houses and if I had to pick looking at the figures the strongest demand, it would be the 3 bedroom family house, which I do not expect to change in April.

Turning to the lettings market, we as a group moved in more people into their new rented accommodation then any other month in the last 6 months and after studying the statistics, it was definitely the one and two bedroom flats that saw the most demand for, with the emphasize turning to having a garden or a balcony as we approach the warmer months.

We registered an unprecedented amount of prospective purchasers in March, well over 12% than March 2021.

In New Homes, we are gearing up for the launch of 3 new fantastic developments this month and March saw a solid number of reservations taken for New Homes and I am really excited and positive about the new developments coming up in 2022. I am lucky enough to have sat in on meetings with the developers in March and I know we have some fantastic new homes, both flats and houses, that will be coming to the market in 2022.

I look forward to reporting back to you at the beginning of May.