If you've spent any time on the internet during the past year, you may have heard: Billionaires have done rather well during the pandemic. Jeff Bezos in particular has become so disturbingly rich that he's now treating himself to getaways in space. Must be nice.
Your average folk, though? For you and me? The non-billionaire types that couldn't simply use twenty pound notes when the toilet paper ran out? The pandemic has been a less prosperous time. Collapsing industries, job losses, and supply chain issues have caused wide scale financial distress, leaving many reeling.
Amidst all the economic peril however, the housing market has remained incredibly strong. If there's one thing that most homeowners have been able to cling to, it's that property value hasn't taken a nosedive. On the contrary - according to the House Price Index (HPI), the value of the average property in Scotland in fact rose by a record amount in 2021.
There's no two ways about it: housing is in high demand, and prices are high. And inevitably, this has even the homiest of homebodies eyeing up their property, wondering if it's time to cash in.
Is now a good time to be releasing your property into the wild?
Before you make any sudden moves, there are a few things to consider:
The market will normalise in 2022
While the housing market will likely continue its upward trajectory (prices have been rampantly climbing for almost two decades), in 2022 growth is projected to slow, and the market is expected to return to sane-er pre-pandemic volumes of 2019.
Demand will continue to outstrip supply
Nothing new to see here. If you've been on the fence about selling your property, and are now FREAKING OUT because you've let a glorious opportunity slip though your fingers, then please, take a seat and stop worrying; you haven't missed the boat.
The pandemic property boom might be over, but housing is still in heavy demand. And it'll remain that way for the foreseeable future.
Where your property is will effect your selling power.
That's not a particularly novel concept, I know. You probably knew that in nursery. But the pandemic has messed a little with our preconceptions about where people want to live.
The first lockdowns witnessed an exodus from city centres, in favour of "safer" suburban and rural living. With offices beginning to reopen however, the first quarter of 2022 has shown increased demand for the closer living quarters of city centre flats. Does this mean inner city property will rediscover its pre-pandemic popularity? That remains to be seen. For a lot of businesses, work- from-home culture is now well established, which could encourage workers to reside outside of city centres.
Regardless, Glasgow, Edinburgh, and the surrounding regions have remained immensely popular locations, with the average sale price of the former rising by £14,000 over the past year.
Stop stalling - Is now the time to sell?
Excuse me while I switch into patronising mode.
Though the market currently presents a lot of economic opportunity, selling your house should be a carefully made decision with all lifestyle factors taken in to account.
And It should go without saying: the Scottish property market is a two-way street. While selling has become easier, the buying side of the street is now a bike lane, with peak M8 traffic.
Is now the time to sell? Yes. No. Yes, no, yes, no. Really, It's something for you to decide.
Whatever your ultimate decison, it's important that you take your time, and think carefully about what's best your personal circumstances.
Ready to pull the trigger? Based in Glasgow and serving the central belt of Scotland, Axiom Pic offers professional quality property photos, along with a number of other property related services.
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https://glasgowpropertyblog.co.uk/housing-market-trends-in-2022/ https://glasgowpropertyblog.co.uk/house-prices-hit-another-record-high-in-glasgow/ https://seekingalpha.com/article/4481700-will-uk-20-year-housing-bubble-ever-end