Cheshunt Property Asking Prices Increase at Quickest Pace Since 2016
- Shortage of homes on offer collides with strong demand
- Squeeze may loosen as more sellers seek to list homes for sale
Asking prices for Cheshunt homes rose at the fastest annual rate in almost six years as the number of available properties dropped to a record low.
Online property portal Home.co.uk showed that asking prices for 3 Bedroom Houses in Cheshunt Rose by 17% compared to prices in January last year, with an average monthly price increase from December 2021 by 0.3%.
|Jan 2021||Jan 2022||Change|
- Average asking prices in Cheshunt home.co.uk
Cheshunt’s housing market continues to boom despite the end of a temporary tax break last year and an interest-rate increase in December, propped up by a chronic shortage of properties on offer and mortgage costs near a record low.
“Prices are likely to continue to rise until more choice is available,” Tim Bannister, Rightmove’s director of property data, said in a statement released Monday. “It’s clear that the trends which defined the market in 2021 have carried over into this year.”
The first working week of 2022 was “the busiest start of the year ever” for homeowners preparing to sell. The number of valuation requests was 44% above January 2021 levels and 48% above January 2020, before the pandemic struck.
For now, strong demand is colliding with historically low supplies of properties on the market. There was a 15% increase in enquiries from prospective buyers, and the number of homes on the books of each agent fell to a new record low.
The Bank of England’s decision to lift the benchmark interest rate from 0.15% to 0.25% appears to have had little impact so far. A separate survey published on Saturday by OnTheMarket, a rival property portal, found that optimism continues “unabated” with three quarters of buyers confident of making a purchase in the next three months.
However, it warned that “over the coming months house price growth may start to tail off” as more properties come onto the market and buyers respond to increasing mortgage rates.
So If your thinking of Selling, now could be the perfect time to place your property on the market.
Contact Woodhouse Property on 01992 637777 for a Free Valuation.