ONS House Price Index: Vendors committed to finding the right home

Nick Leeming, Chairman at Jackson-Stops, comments on the publication of the latest ONS House Price Index, which shows vendors committed to finding the right home.

“Last year proved to be an astonishing year for the property market, with prices and demand defying expectations set by the pandemic in January. Whilst today we see average house prices up slightly from those recorded in October, the figures still reflect lack of supply in the market and are therefore impacting levels of demand in the year to November 2021.

“It is evident that this imbalance between stock and demand will continue to underpin housing activity in coming months and this is reflected by what we are seeing across our branches where the complex and ongoing changes to the nation’s working patterns and lifestyle aspirations have only heightened the importance Britons place on owning a home.

“Heading in to 2022, the countryside renaissance shows no sign of abating but could be tempered with wider concerns about the rising cost of living and the cooling effect of higher interest rates. Whilst the housing market is seeing some sellers delay listing their property until they feel confident that they can find their suitable next step across the nation, we are seeing many vendors committed to finding the right home and great houses to move to.

“As such, listing now puts vendors in the best possible position to capitalise on a buoyant market and we’d hope to see the level of stock in the market improve in the coming months.”

Kindly shared by Jackson-Stops

Main photo courtesy of Pixabay