ANNUAL REVIEW of the RENTAL and SALES MARKET 2022 by PROPERTYMARK 📊
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
In this fantastic report, Propertymark reveals concerns and opportunities for the property sector and an analysis of market trends in 2022.
More people than ever are looking to live in the Private Rented Sector as well as a return to a Buyer’s market by the end of the year
Sales
🔹 2022 saw the return of 'normal' market conditions for the first time since Covid
🔹 2020 and 2021 were dynamic... No-one could predict what was going to happen!
🔹 2022 was the year that things went back to 'steady-state'/'normal'/predictable
🔹 We saw usual seasonal peaks and troughs for the first time since 2019
🔹 Demand from homebuyers far outstripped supply of properties
🔹 Yet, total number of properties for sale steadily rose throughout the year
🔹 We saw a seismic shift over 2022 in prices achieved compared to asking
🔹 The start of the year saw a seller’s demanding sky high prices with buyers bidding above asking price
🔹 By the end of the year, average viewings per property fell
🔹 Finishing the year with a standard return to the Buyer's market (the usual status-quo)
📩 For the 2023 Sales Outlook, download Propertymark's full report here
Lettings
🔸 More people than ever looking to rent!
🔸 Due to a rising population and a lack of adequate housing construction
🔸 2022 saw peak numbers of prospective tenants registering.
🔸 A new monthly record was set in September at 147 new prospective tenants per Letting Agent branch.
🔸 Demand for rental property has grown every year since 2018, yet there has been no growth in the size of the Private Rented Sector (PRS)
🔸 With such a mismatch in demand and supply, it is no surprise that rents have risen most keenly in 2022
📩 For the 2023 Lettings Outlook, download Propertymark's full report here
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#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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