{"id":5192,"date":"2022-03-28T15:33:21","date_gmt":"2022-03-28T14:33:21","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=5192"},"modified":"2022-03-28T15:33:22","modified_gmt":"2022-03-28T14:33:22","slug":"residential-property-review-march-2022","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/03\/28\/residential-property-review-march-2022\/","title":{"rendered":"Residential Property Review \u2013 March 2022"},"content":{"rendered":"
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Sales up as demand\nstays strong<\/strong><\/p>\n<\/div>\n\n

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2022 has picked up where 2021 left off, with near-record\ndemand leading to the busiest January and February since 2016, according to\nZoopla.<\/strong><\/p>\n<\/div>\n\n

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Sales agreed in February were 31% above the 2017-19 average\nfor the month, according to TwentyCi, matching levels last seen at the start of\n2021. Meanwhile, mortgage approvals in January were at their highest point\nsince July 2021, 12% above the 2017-19 average for the month, according to the\nBank of England.<\/p>\n<\/div>\n\n

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The mismatch endures, however, between supply and demand.\nThe number of prospective buyers is 70% higher than the five-year average,\nwhile the total number of homes for sale is 43% lower. The result of this\nimbalance is fierce competition for available stock; Zoopla figures show that half\nof all sold properties were purchased after less than three weeks on the\nmarket.<\/p>\n<\/div>\n\n

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Soaring rents are\nhere to stay<\/strong><\/p>\n<\/div>\n\n

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Private rents are rising nationwide at the fastest rate\nin five years, according to figures from the Office for National Statistics\n(ONS), with the average rent up by 2% in the year to January 2022.<\/strong><\/p>\n<\/div>\n\n

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This was a slight rise on the 1.8% growth recorded in the year\nto December 2021. The East Midlands was the region with the biggest increase in\naverage rental prices (3.6%), while London had the smallest (0.1%).<\/p>\n<\/div>\n\n

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With office workers and students returning to cities, the\nnet balance of contributors noting an increase in demand rose to +55% in the Royal\nInstitution of Chartered Surveyors\u2019 (RICS) February survey.<\/p>\n<\/div>\n\n

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Meanwhile, supply remains problematic; the RICS survey noted\na decline in landlord instructions to a net balance of -21%. Respondents expect\nthis trend to continue, anticipating that rents will increase annually by an\naverage rate of 5% over the next five years.<\/p>\n<\/div>\n\n

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Bedrooms lost as\nhomeowners adapted to pandemic<\/strong><\/p>\n<\/div>\n\n

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Nine million bedrooms were \u2018lost\u2019 during the pandemic, as\nversatile Brits repurposed existing space to meet their work and leisure needs.<\/strong><\/p>\n<\/div>\n\n

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A study by Zoopla found that two in five homeowners adapted\ntheir home during the pandemic, of whom more than half completely repurposed at\nleast one bedroom. One in five households changed multiple bedrooms. With remote\nand hybrid working now on the agenda for many, almost half (46%) of those who\nhave made changes created a home office.<\/p>\n<\/div>\n\n

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The result was the creation of nearly five million home\noffices, 1.3 million home gyms, and a combined two million home bars, cinemas\nand music rooms. UK households spent, on average, \u00a33,714 making these\nadaptations \u2013 a national total of around \u00a336.5bn.<\/p>\n<\/div>\n\n

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However, the study suggests that homeowners who have repurposed rooms may now feel less happy with the space they have. Of those who had to repurpose rooms, more than half said this meant having to compromise on their space at home, a figure that rose to 83% of homeowners under 25.<\/p>\n<\/div>\n\n

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It is important to take professional advice before making any\ndecision relating to your personal finances. Information within this document\nis based on our current understanding and can be subject to change without\nnotice and the accuracy and completeness of the information cannot be\nguaranteed. It does not provide individual tailored investment advice and is\nfor guidance only. Some rules may vary in different parts of the UK. We cannot\nassume legal liability for any errors or omissions it might contain. Levels and\nbases of, and reliefs from, taxation are those currently applying or proposed\nand are subject to change; their value depends on the individual circumstances\nof the investor. No part of this document may be reproduced in any manner\nwithout prior permission.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Sales up as demand stays strong 2022 has picked up where 2021 left off, with near-record demand leading to the busiest January and February since 2016, according to Zoopla. Sales agreed in February were 31% above the 2017-19 average for the month, according to TwentyCi, matching levels last seen at the start of 2021. Meanwhile, […]<\/p>\n","protected":false},"author":12,"featured_media":5194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,37],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5192"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=5192"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5192\/revisions"}],"predecessor-version":[{"id":5196,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5192\/revisions\/5196"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/5194"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=5192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=5192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=5192"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=5192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}