How Will The Hull Property Market Change In The New Year?

Winter is often a truly fascinating time for estate agents in Hull, as the property market sees a rapid shift from slowing down to utterly frenetic within the space of a month.

Many buyers, sellers and agents will talk of the Boxing Day boom, where the focus on Christmas is over and during the festive period buyers have the time to look into potential properties to buy.

However, the new year itself brings with it a huge range of opportunities for the housing market, and whilst there are no guarantees in the property world, here are some of the potential ways the property market will change this upcoming year.

  1. The Market Will Be Closer To Normal

The last two years have seen a truly frenetic market, spurred on by a reduction in stamp duty but continuing long beyond that, as people balance location with space requirements.

There is less of a rush on the market now that one of the main financial incentives has been finally removed, and with more sellers looking to get a valuation of their property, the imbalance of supply and demand that dominated 2021 should hopefully be less skewed.

A combination of very rare events and effects on the market is unlikely to continue far into 2022, which means a more normal and competitive housing market.

  1. Interest Rates May Increase

Whilst an increase in buyer choice will help to normalise the market, a rise in interest rates is also likely over the next year, which may further slow down the frenetic market.

This means that many people who are considering buying a home in the next six months would be advised to get a mortgage agreement-in-principle as soon as possible to avoid the potential rise in interest rates.

  1. The Power Buyer Will Still Dominate The Market

Whilst they will not have as much power in sale negotiations as they have in the past two years, the power buyers who are not reliant on a sale and thus are not beholden to a property chain will continue to have a significant influence on the market.

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