Cambridgeshire homes ‘frenzy’ predicted to continue into 2022
- Credit: Cheffins
A property expert says 2021 will be a year to remember, “with one of the busiest and most unprecedented markets seen for decades”.
Mark Peck, head of residential sales at Cheffins, says his company sold almost £600 million-worth of property in 2021, almost double the figure for 2020 which stood at £358 million.
“This shows 2021 to be a record year, as the impact of coronavirus continues to feed the market’s bull run,” he said.
He said the government’s stamp duty ‘holiday’ had spurred the market and at times solicitors and conveyancing firms were struggling to keep up with the work load.
Even when that ended, he said, there remained “frenzy within the market” as London buyers, looking to escape the city, headed for places such as Cambridgeshire.
And such was the rush to buy, many homes were sold through sealed bids.
"This put immense pressure on the abundance of buyers in the market,” he said.
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Mr Peck said the last quarter of the year had seen a reduction in the number of homes coming to the market.
"This has ensured price rises across all sectors of the market,” he said.
Mr Peck quoted figures from National Association of Estate Agents (NAEA) which show the number of available properties per branch had decreased by 46 per cent in comparison to October last year, the lowest figure on record.
He said this lack of stock has pushed up prices, and according to Halifax, UK house prices have grown at the fastest pace in 15 years over the past quarter, with the average home now costing £20,000 more than this time last year.
For 2022 Mr Peck remains optimistic.
“With an average of 24 buyers for every available property on the market, according to the NAEA, prices look set to rise,” he said.
It was likely, he said, the housing market would remain “red-hot”.
Sarah Bush, head of residential lettings at Cheffins, says the average rental value now sits at £1,095 per month, up on 2020 which stood at £1,000 per month.
“We have seen consistent demand from tenants both from London and other major cities as well as the local market,” she said.
As the number of available properties dwindles, rental values continue to increase.