There are so many factors that feed into housing market prices — with the UK’s economic backdrop, ever-adjusting Bank of England interest rates, and changes in the size of population just some elements informing the constant fluctuation.
A look back at property market pricing trends to-date
Mortgage lending criteria tightening as a result of the 2008 credit crunch, coupled with the over-valuation of properties in boom years and a rise of unemployment, many were discouraged or unable to make their way onto or up the ladder until around 2012.
Since this period, and despite a relatively weak economy, house prices have risen faster than the rate of inflation. In more recent years, buyer sentiment and an overwhelming demand for property have acted as leading influences in such dramatic growth — in Huddersfield and Holmfirth, as well as the country more broadly.
With COVID-19 creating uncertainty around the UK’s economic outlook, and restrictions around face-to-face contact preventing physical viewings from taking place, it came as little surprise that prices fell to a historic low.
However, the market rebounded dramatically soon after, and initiatives such as the Stamp Duty holiday, as well as reassessments of what househunters looked for in a home — such as better office spaces to facilitate more flexible working, lower density living, and larger outdoor areas — made for a notably active period. At their peak, annual transactions exceeded 1.5m for the first time since 2008, with prices essentially back to where they were in 2007.
This was all very welcome news, to help the sector recover after such a string of unprecedented challenges. But as demand began to outstrip supply — particularly for affordable housing — prices rose significantly once again in 2021, and into 2022. According to Rightmove, properties in Holmfirth sat at an average price of £300,864 over the past twelve months — 6% up on the 2020 peak of £283,625.
What will the Huddersfield and Holmfirth property market look like this year?
The good news is, there are promising signs of better things to come in 2023.
While The Bank of England is likely to raise interest rates a little further, a preference for fixed-rate mortgages will help provide some support for overall affordability. And agents with independent mortgage advisors, such as Applegate Properties, will be in an excellent position to advise on this too.
Estate and lettings agents across the UK are predicting a ‘soft landing next year’, with our award-winning team mirroring the same sentiment — as activity becomes more stable, and the Government’s aim to deliver 300,00 new homes per year helps to tackle the issue of under-supply.
At HQ, we’ve certainly noticed activity picking up in the new year — with an increase in valuations, listings, and general enquiries across our multiple divisions.
Of course, we’ll continue to monitor the market as it evolves, and share key updates in our monthly news round-up. If you’d like to speak with one of our friendly team directly, please don’t hesitate to give us a call on 01484 682 999, or email email@example.com.