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Happy New Year! Happy New Home?

January 1, 2022

2021 was certainly an interesting year in the Property industry, to say the least!  With the Stamp Duty relief period driving a rise in house prices due to an unprecedented demand for housing stock, and record-low interest rates it was a year of highs and breaking records. Will 2022 bring you a Happy New Year and a happy new home?

Be In View In ’22

On a local level data from Rightmove shows that the average property price in Wakefield is now £242,833 which represents a 19% increase since 2019.  Property prices in Pontefract are now £196,547 on average, an 11% increase since 2019.  Ossett now has an average sale price of £202,115, 14% up, and Horbury has seen the greatest increase in the area, up 20% on 2019 with the average house price standing at £240,070.

But what does 2022 hold for the property market?  Well unfortunately we don’t have a crystal ball, but here is the market view from the heads of our Sales and Lettings departments to give you the benefit of their knowledge and experience.

Sales View

Claire Kendall, Partner – Sales Department

“We didn’t quite know what to expect from 2021, given that we still hadn’t really recovered from 2019, but we took on the challenge and we couldn’t be prouder of how all the staff pulled together and dealt with the overwhelming demand for property in the aftermath of Covid 19.  2021 was certainly an extraordinary year which many of those in the property market place will not forget for a long time together. 

In 2022 however we face a new challenge, and one which has been creeping upon the industry for a number of months.  Stock.  Whilst buyer demand for property remains strong, the number of properties coming to the market is at an all-time low.  This inevitably creates more pressure on house prices, which will potentially rise even further in the first quarter of the year. Whether it be lack of confidence of moving in the current climate, or purely a matter of waiting to put their house on the market until they see something they like, the demand will inevitably grow.  Of course stock levels are not in dire straits and at the time of writing, Omicron looms over the nations with further restrictions on our lives being discussed, however if we can get through the last 2 years I am pretty sure we can face another year of trials and tribulations with the same strength and success we’ve been serving Wakefield and Pontefract for over 50 years.

I remain confident that the property market in Wakefield and Pontefract will grow and flourish, house prices will eventually stabilise (but not without a battle), and frustrated home sellers will eventually return to the market place as there will always be a genuine need to move home…… and with Boxing Day being the busiest day on the property portals for those looking to move home, I’m confident that the New Year will bring a Happy New Home to many.”

Lettings View

Simon Kendall, Partner – Lettings Department

“2021 saw a very different rental market place from what we are used to, from available stock levels decreasing by around 50% and demand for rental property increasing to three times the level of what we saw in 2020. This has certainly increased the average price of a rental home by around 11%.

So what does this mean for 2022, well the rental market still remains very busy but we are starting to see the available stock increasing slightly and the rental prices are starting to stabilise somewhat.

At Richard Kendall we always have a good selection of quality properties to rent and we are still managing to attract new landlords wishing for us to manage their rental home.

The biggest factor that we will face as a Letting Agent next year is the reforms that the Government is proposing to enforce on the industry which will change the way a letting agent will operate. Until their white paper is released we will carry on business as normal and continue to provide good quality service to not only our landlords but tenants alike. We look to embrace 2022 which should continue to be very busy for the letting department at Richard Kendall Estate Agent.”

Whatever your property goals for 2022, be sure to speak to your local property experts before making your move!