As a general rule, the housing market always slows down during the winter months, especially December. From Boxing Day onwards, it starts to speed up again.
The New Year is usually one of the busiest times for agents and this year is expected to be no different.
First-time buyers hoping to get on the property ladder next year may be disappointed as Zoopla predicts property prices will rise by 3% over the course of 2022.
But for those looking to sell their house, January could be the ideal time to list their property as it's statistically the best month to sell. The weather is improving, the evenings are lighter and there are no holidays or events in the spring that have the potential to be financially challenging. This makes spring the perfect time to think about the market as people begin to think about future events such as the enrollment into schools and creating stability in lieu of the winter months ahead.
A fast internet connection is now one of the most important factors for homebuyers.
When asked for the single most important factors for homebuyers:
23% said the size of the property
20% said broadband quality
18% said the number of bedrooms
10% said the age of the property is
9% said transport links
In many cases, customers feel that good internet is a 'must have'. This has come about because of the pandemic, where people began working from home so good internet connection was vital. A good internet connection can potentially increase the value of a property.
64% of parents whose adult children own a home have given them help onto the property ladder. A further 10% of parents said that while they did not contribute to their children's house deposit themselves, other relatives did.
Zoopla's research shows that parents forked out an average £32,440 to put towards their children's house deposit. A further 14% of parents gave their children more than £50,000. 11% of parents paid the entire deposit for a new home and 4% went one step further and actually bought a home for their children mortgage free.
The research was carried out among Zoopla users, nearly 1,100 of whom were parents to grown-up children.
Mortgage rates for homebuyers with a 5 pc deposit have fallen to a record low. A typical two-year loan now costs 3.09 per cent, down from 4.44 per cent 12 months ago, according to Moneyfacts. The average five-year rate fell from 3.97 per cent to 3.39 per cent.
According to Moneyfacts, the choice of mortgage products is the highest it has been since 2008.
The total number of products available for the residential mortgage sector has risen to 5,315,the highest since March 2008 when it was 6,192. Borrowers also now have more choice than they did before the pandemic.
Eleanor Williams, finance expert at Moneyfacts says that increases in rates for most of the lower LTV products, borrowers with the smallest deposits are actually seeing rates fall. Eleanor says:- "It may be that, following the end of the stamp duty holiday which had kept the property market bouyant, providers are now focusing on enticing first-time buyer business, which has often been considered the life blood of the hosing market. Indeed, those looking to secure a 95 per cent LTV mortgage will be pleased to note that at 3.09 and 3.39 per cent , the average fixed rates on offer have plummeted to the lowest on record."