Cutting through the jargon - December’s House Price Index in a ‘hyper-local market’

Rightmove’s House Price Index makes for an optimistic outlook for our region to close 2022, following the budget, various changes of prime minister and interest rate rises in recent months.

The property portal has suggested 2023 will be the year of the ‘hyper-local market’, where each geographical region in the UK experiences a very different property market, barely comparable to each other.

Across the board, though the UK’s average price of new listings has dropped slightly by 2.1% this month, but the year ends with asking prices up 5.6% on December 2021. There has been a 6% increase in new sellers coming to market versus the same period last year and a 4% increase in buyer demand on the same period in 2019.

What does this mean for sellers

Viewer numbers on Rightmove properties are up 11% compared to December 2021, forecasting plenty of buyer demand as we head into the new year. Coupled with the ‘Boxing Day Boom’, when Rightmove receives its peak traffic between Christmas and 1 January every year, sellers can be confident their property will fare well in the market in the coming weeks.

More locally, in the last two months, at Redbrik, we have seen 281 sales agreed at an average of 100% of the market asking price. Homeowners are still receiving good value for their properties as our local market across South Yorkshire, and North East Derbyshire continues to prosper.

What does this mean for buyers

Rightmove’s Director of Property Science, Tim Bannister, suggests a price rise might be on the horizon sooner than you might think:

“Our data suggests that there are many ready-to-go movers out there waiting for what they feel to be the right time to enter the market in 2023. We’d usually see a jump in home-mover activity in January, but it takes a while at the start of the year for any significant price changes to feed through, so we’ll be waiting for a potential bounce back in prices in February”

If you’re thinking of buying in 2023, the next six weeks could allow you to lock in a competitive price for your next home. If you are not purchasing with cash, speak to a recommended local financial advisor, like Connect Financial Solutions, to ensure your affordability is up to date and you’re getting the best mortgage product available.

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If you’re looking to make a move in the new year, get in touch with your local Redbrik office today for bespoke advice and support.