High-Value Homes Market Update Q3 2022

The Stowhill Estates High-Value Homes Market Update, Q3 2022

How the high-value property market rallied in spite of the media, and why we’re optimistic about house prices for Q4 and beyond.

Rarely (if ever) has the property market seen such volatility as we’ve experienced over the last 2 ? years.??It started with Brexit in January 2020.?Then the Pandemic and various ensuing lockdowns.?This year has seen war in Ukraine, huge hikes in energy prices, a Conservative leadership race, rising costs of living and the loss of a dearly beloved monarch.

However, despite all the unpredictability, ?the high-value property market has flourished in the last 2 ? years (and still is!).

Summer 2021 vs 2022

Summer 2021 was a time like no other.?Due to the colossal imbalance between supply and demand, property prices went through the roof.?The media were full of dire warnings of a huge property crash…a crash that never happened.

During the summer of 2022 we continued to see strong interest at the top of the market.?In fact, over the past few weeks, we’ve agreed sales on 4 homes well in excess of ￡2m each – far more than in the pre-pandemic market.

However, the property market locally is finally settling down.?We’re seeing lower numbers of buyers, and a higher level of supply.?This means more stability, less volatility and a more predictable market.

Buyers, now under less pressure, are taking a little longer to make a house buying decision.?But agreed sale prices are still mostly at asking price or above, an anomaly pre-2020.

A new wave of high-net-worth buyers

Over recent months, a new wave of high-net-worth buyers has been registering for our VIP Buyers Club, looking for their dream home.?Some of these buyers have budgets of several million pounds, and a demanding wish list too, including far-reaching views, easy access to top schools and potential to add value.

And yet, if you’ve been reading the headlines over the past couple of years, you’d be forgiven for thinking we’re in the middle of the biggest property market crash since 2008!

The impact on the property market is increased anxiety about what ‘may’ be coming.?In the last 12 months, the number of times “UK House Price Crash” has been searched on Google has rocketed.

Here’s the rub:?We believe that the perception of an impending crash is the biggest threat to the future of the property market we’ve seen for over 15 years.

In other words, the media could CAUSE a crash, simply by reporting its possibility.

Two events that will positively impact the property market:

A new leader: With Ms Truss now our new Prime Minister, the economic outlook looks more promising.?With expected tax cuts and additional support for energy bills, we feel that over the coming months, confidence will be restored to the housing market.?

A stronger UK economy:?The travel rebound and growth in the haulage industry have positively impacted the UK economy, with the result that GDP grew by 0.5% in May, bucking the analysts’ predictions.

Whether you’re considering selling now, or within the next 3 years, we’d love to meet you!?A chat over a cup of tea is our favourite way of getting to know you and discovering your thoughts and plans.?You’ll never be wasting our time.

Arrange a visit or a phone chat with us by calling the Stowhill Estates Team on 01235 751 888 or 01993 225 985 or email [email protected]

And if you’d like to run through the list of special homes we have coming soon to the market to see if we can tempt you, drop us an email to [email protected] and we’ll arrange a time to chat.