It’s no secret that the housing market is changing. In some parts of the country, prices are rising, and bidding wars are becoming more common. If you’re considering buying a home soon, it’s essential to know what to expect from the housing market in your area. In this article, we’ll look at the current trends in the Southampton housing market and what potential homebuyers can expect in 2022. Read on to learn more.
An overview of the current housing market in Southampton
The Southampton housing market is currently in a state of flux. Prices have been rising steadily for the past few years, but there are signs that the market may be reaching a tipping point.
The number of properties available for sale has been falling, while the number of buyers has been increasing. This has led to concerns that the market may become more competitive in the near future, with prices rising and a more significant number of buyers competing for a limited number of properties.
Despite the challenges, there are still opportunities for potential homebuyers who are willing to be patient and prepared. To get an idea of what you can expect to pay for a property in Southampton, it’s important to look at the average prices. The average price of houses in Southampton has risen by 12.6% in the past 12 months. The average cost for a detached house in the city is £342,936, while the average price for a semi-detached house is £287,429. Flats have an average price of £182,145, and terraced houses’ average cost is £292,447.
The predicted trends for the Southampton housing market in 2022
Many industry experts predict that the Southampton housing market will become more competitive in 2022. Several factors are driving the price increase trends in the Southampton housing market. These include:
- The city’s population is growing: More people are attracted to Southampton’s excellent transport links, schools, and universities. In addition, the city’s economy is booming, with many new businesses moving to the area. This is increasing the demand for housing.
- There is a limited supply of new build properties: The number of new build properties is not keeping up with the rising demand. This results in prices rising as buyers compete for a limited number of properties.
- Investors are buying up properties: Several investors are purchasing properties in Southampton because they believe the city offers good potential for capital growth. This pushes prices further as they compete with buyers looking to purchase a property to live in.
After a period of stagnation due to the pandemic, the housing market is predicted to return to growth in 2022. This is good news for potential investors waiting for the right time to enter the market. Although prices are expected to rise, they are not expected to reach the same levels as pre-pandemic. Buyers must be prepared to compete for the limited number of available properties.
What potential homebuyers can do to prepare for the changes in the Southampton housing market
If you’re thinking about buying a property in Southampton, it’s important to be prepared for the changes that are taking place in the housing market. Here are some tips to help you get started:
- Do your research: It’s important to understand the current market conditions before making any decisions. This will help you know what to expect and how to prepare for the anticipated changes.
- Get pre-approved for a mortgage: This will give you an idea of your budget and how much you can afford to spend on a property. It’s also an excellent way to show sellers that you’re a serious buyer.
- Be patient: With the limited number of properties available, it may take some time to find the right one. Don’t be discouraged if you don’t find your dream home immediately.
- Work with a professional: A good conveyancing solicitor will deeply understand the local market and help you navigate the challenges. There are many experts in the field and can help you through the legal process of buying or selling your property.
The Southampton housing market is predicted to become more competitive in 2022, with prices rising and more buyers vying for a limited number of properties. As such, it is important to be well-informed about current market trends before deciding to purchase or sell a property in Southampton.
AVRillo housing solicitors can provide expert guidance and support throughout the process, ensuring that you make the best possible decisions for your unique situation. Contact us today to learn more about our services and how we can help you navigate the Southampton housing market in 2022.