boydens.co.uk Property 14 market PROPERTY A busy 2021 in the local property market has continued into the start of 2022 with plenty of activity keeping us busy. Philip Boyden reviews the housing market and looks ahead to the next quarter. I can hardly believe that we are already a quarter of the way through the year, and what a busy year 2022 has been so far for both the sales and lettings markets. The sales market has continued to see consistent growth with increased agreed sale prices in the first quarter. We have also witnessed an increasing number of sales agreed over guide and asking prices. Bearing this in mind, it is still advisable to be realistic with pricing. If a property is released at too high a price, it will sit on the market and lose that ‘new to market’ buzz. At Boydens, we are finding that releasing a property at a realistic lower guide figure is optimal with a higher bracketed ‘aspirational figure’ more often than not resulting in a higher eventual selling price. So, what is driving these continued increased sale figures? I believed (as did many others) that we would witness a slight correction in the market or ‘flat-line’ from the end of the stamp duty holiday last year, but in practice this has simply not been the case. Driven by high levels of demand in our area, the number of ready, willing and able buyers is currently outstripping the housing stock available. I cannot see this changing unless lenders/valuers become cautious on pricing and begin down-valuing agreed sales for mortgage purposes. Where are these buyers coming from? We are seeing a lot of potential purchasers moving up the A12 corridor, mainly from the Romford and East London areas. We are also experiencing a number of parties coming from over from the other side of the Dartford Crossing where, although prices have risen in the area, buyers can get comparatively more for their money here. Out-of-area buyers are less familiar with the local market compared with locals who know the ‘hotspots’ and have historically gravitated towards them. Prices in the most desirable locations from three to five years ago have risen, but perhaps not as quickly as the new ‘up and coming’ locations, which are now very much on the radar of buyers. Many interested parties registered with us are already under offer and in a complete chain, so they are under pressure to find a property. This can then have the impact of creating some urgency to put in a high bid A sizzling
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