Over the last few years, the UK has seen exceptional changes in the housing market. Major events (including the pandemic, the cost-of-living crisis and rising interest rates pushing mortgages up) have left buyers and sellers uncertain about whether now is a good or bad time to buy a house.
At Graham & Co, we’ve analysed the stats and the housing market in Hampshire to give you the facts about whether now is a bad time to buy a house.
Is now a bad time to buy a house?
In short, no, now is certainly not a bad time to buy a house. After years of big changes in the housing market, things are finally returning to more normal levels.
According to Zoopla’s UK House Price Index Report, house prices increased by 7% over 2022, but more discounts were given to the asking price compared with the previous year. This means buyers aren’t needing to make offers over the asking price, as seen in 2021, and are instead getting offers under or on the asking price accepted more frequently.
Plus, decreasing demand (which is really just demand returning to pre-pandemic levels), has created less competition in the market. This means buyers have a greater chance of getting their offers accepted.
Is demand high for Hampshire houses?
To answer straightforwardly, yes, demand is still high for houses everywhere across the UK. In December 2021, Zoopla issued a monthly status report showing that demand for houses increased rapidly, almost 50% from the previous year.
Demand was high post-pandemic, particularly for houses, with people looking for more space in their home. Alongside the increased demand, we saw a rise in property prices and more buyers making offers over the asking price. A year later (in December 2022), Zoopla stats show that demand has decreased 50% from 2021.
In essence, this tells us that demand for properties across the UK is still high and, while it has dropped, is simply returning to normal levels again. For sellers, this is a great thing. It means you’ll have buyers interested in your home, but won’t have to make offers over the asking price to purchase somewhere new.
Should I buy a house in the current climate?
Thinking about buying or selling in Hampshire? At Graham & Co, we have years of experience in estate agency and know our stuff when it comes to buying and selling.
For expert advice about the property market in Andover or Whitchurch, contact the Graham & Co team today.