According to Rightmove, Boxing Day 2021 saw the highest number of properties coming to the market on what is already considered a traditionally busy day, giving hope to the property market in 2022.

While stock remains low and prices continue to increase due to demand, the market is seeing positive changes that will hopefully help it to rebound in 2022, as many industry professionals have predicted will be the case.

Rightmove’s House Price Index for January indicates the surge in the number of buyers enquiring about homes is up 15% year-on-year. Of those enquiring about a property on the marketing, 40% have yet to put their property on the market which would help to bolster the stock available.

 

Although, waiting is causing many homeowners to lose out to first-timer buyers or homeowners who have already sold their property, also known as ‘power buyers’. ‘Power buyers’ are those who are in a great position, ready to move and often with secured finance making them a more attractive buyer.

The number of home valuation requests in the first week of January is up 44% on January 2021. It is also 48% up on 2020 – showing the market to be in a favourable position when compared to pre-pandemic figures.

Tim Bannister, Rightmove’s Director of Property Data comments: “New Year sellers and buyers have been quick off the mark this year, with Rightmove recording the highest ever number of Boxing Day sellers coming to market.

 

“These early-bird sellers who got themselves ready to come to market are now benefitting from the busiest start to the year that we’ve ever recorded, with the number of prospective buyers enquiring about homes up 15% on this time last year.

“It’s clear that the trends which defined the market in 2021 have carried over into this year. That being said, we are seeing early signs of a better-balanced market in 2022. The number of requests from would-be sellers to agents to value their home has continued to increase from the end of last year and was at one of its highest points ever on the first working day of this year.”

With the number of valuations on the increase, make sure you are in the best position possible for your business by utilising our services and taking the pressure off of in-house staff.

 

Find out about our transcription and audio typing services that will be a life line to your business as the property market starts moving again in 2022.

In December the Bank of England announced that the base rate was increasing from 0.10% to 0.25%. It was originally cut in March 2020 at the start of the COVID-19 pandemic to help the economy during a period of uncertainty. Up to that point the base rate was 0.75%.

At present, there is no indication of how long the base rate will stay at 0.25% as policymakers at the Bank of England decide on the increases in line with the rate of inflation to help keep price rises under control. However, this will impact some homeowners and they will likely be keen to save money as there have been predictions that the base rate will continue to rise in 2022.

 

We have been experiencing a period of cheap mortgages and mortgage brokers are predicting that an increase won’t impact mortgages overnight, and some might not even be affected at all.

For example, 74% of mortgages are fixed-rate so the increase will not be noticeable while still in their current term, explains UK Finance. Although, the change will impact their repayments after this period.

Approx. 1.5 million fixed-rate mortgages will be expiring in 2022, and a further 1.5 million in 2023, meaning that there may be a lot of homeowners shopping around for new deals over the course of the next two years.

 

The remaining 26% who are on tracker mortgages will likely be impacted by change immediately. This may also lead to an increase in enquiries from homeowners on a tracker mortgage as they could look to change lenders when their term ends.

If you are in the property industry and need help with work brought about from the base rate increase, please speak to our team. We are all knowledgeable property industry professionals, familiar with specialist terminology and able to offer fast turnaround.

 

 

 

 

As in previous years, January looks to see the property market receive an injection of much-needed stock, giving rise to a demand for property industry professionals including estate agents, surveyors and solicitors, and of course, our audio typing and transcription services to support these professionals.

The festive period is often the calm before the storm, as Boxing Day and New Year’s Day are high-traffic days on websites such as Rightmove. Prospective second-steppers and first-time buyers take advantage of being off work to plan big financial decisions for the year ahead.

The holiday season is often a catalyst for the property market as many realise they need a new home as theirs is too small or perhaps not close enough to loved ones. Similarly, first-time buyers come to the realisation they need a place of their own, more space or want to move in with their partner.

According to We Buy Any House, January is statistically the best-selling month of the year in the property industry. This is in part due to having no financial responsibilities, such as holidays, Bank Holidays, events etc – those have all been and gone in December, leaving January clear for other financial outlays.

Having said that, the typical seasonality of the property market could be impacted by the pandemic, meaning that 2022 might not follow patterns of previous years. As the stamp duty holiday ended in September, a lack of stock has driven house prices up, and prices were at an all-time high in October.

Rightmove has stated the market will be closer to normal next year following the last frenzied 18 months. December gave hope of a normal market, with the annual ‘December dip’ seeing house prices drop by £2,234.

Independent estate agent, Easthaus, also believe January is on track to mimic past years and the spring into summer period will continue to dominate when it comes to sales. However, experts at We Buy Any House believe that the pandemic could end the typical popular selling periods.

House prices are predicted to grow by 3% over the course of 2022 with the Property Investor Today predicting that the highest growth will be in the North West and East Midlands. It predicts London will have the weakest growth.

If you are predicting a sudden influx of work in January following the festive period or are concerned by the uncertainty of the property market in 2022, we recommend getting in touch with us. We are able to provide transcription and audio typing services to meet your demand.

Utilise our services to cope with the unpredictability of the industry and take the pressure off your team in 2022.

A reported shortage of property surveyors and planners in Wales is causing issues for local councils. The shortage means that specialist services are having to be outsourced to meet demand as they can’t be met by professionals in the area.

In-house apprenticeship schemes are being considered to help drive young people into the industry to combat dwindling numbers. While training programmes are also being looked at in the hopes it might provide a draw for anyone looking to retrain.

According to Swansea Head of Planning, Phil Holmes, Welsh graduates are completing courses in England but finding jobs elsewhere, rather than returning to Wales to take up job opportunities there. There doesn’t appear to be a property surveyor course in Wales that can compete, leaving valuable skilled surveyors difficult to find.

Holmes said: ‘When it comes to regeneration schemes that's one of the vital skill sets we need.’ Following that, he stated: ‘I don’t think the situation will improve anytime soon.’

There is a huge demand for surveyors in Wales, however, demand is greater than supply which is potentially leaving current surveyors strained.

If you are a Wales-based surveyor and currently experiencing an influx of work or need assistance with existing work, we recommend you look at the services we have available.

We offer a range of services including 24-hour, overnight/weekend and same day transcription and audio typing.

Savills property group has forecast that the north-south value gap will continue to shrink over the next five years according to its latest industry forecast.

 

Part of its five-year prime and mainstream residential forecasts, the narrowing of house prices between regions could see prices in areas such as the North West and Yorkshire and The Humber increase by 18.8%.

However, house prices in the South aren’t suspected to rise so steeply. Prices are predicted to increase by 13.1% in the South West and only 10.4% in the South East and East of England. A rise of only 5.6% across the next five years is predicted for London, with the major changes forecast for 2022/23.

 

While the increase will not see the North competing with the prices in London any time soon, it could see the average house price reach £270,000 in parts of the North should Savills’ predictions turn out to be true.

London on the other hand will continue to offer good value for money and will benefit from an interest in overseas demand, likely due to increased travel internationally with the easing of travel restrictions.

This follows falling house values in some of London’s most elite postcodes and a seven-year slump, where house prices fell more the 20% in those locations. The renewed demand has seen recovery in locations such as Notting Hill and Holland Park.

The pandemic and the new work from home culture that has become the norm will also have a continued impact on the property as Frances Clacy, research analyst at Savills explains: “Beyond London, Savills expects to see changes in working patterns underpin demand in more rural areas further away from major employment centres, albeit to a lesser degree than over the past 18 months. In prime regions prices are expected to grow +4% next year, and +19.3% over the next five years.”

 

Our audio typing and transcription services are available nationwide, and we can provide a fast typing service to property professionals. We have worked with a wide variety of industry experts including Chartered Surveyors, retail property specialists, and commercial building consultancies to name a few.

 

Contact us to discuss how our services could benefit your business as the market continues to change.

 

More than two thirds of surveyors have said they expect house prices to continue rising despite the anticipated interest rate increase according to the latest RICS survey.

 

The survey, conducted in October, also echoed recent announcements of high prices and low stock. More than 70% of members reported house price increases, up from 69% in September, with a sharp rise across all regions and countries.

 

Overall the volume of sales agreed over the course of the month also saw a small dip, following on from the previous month. Although, looking ahead for the next 12 months, the North of England, London, Scotland and Northern Ireland all have an improved outlook, with a rise in transactions predicted.

 

With that said, demand is increasing and sales expectations are looking positive, with a hope of stabilising going forward.

 

Speaking with Property Industry Eye, Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “The monthly RICS housing survey is invariably a reliable indicator of market trends. This latest report is no exception and confirms what we are seeing on the ground – more resilience than expected after so many brought forward purchases in the summer taking advantage of the stamp duty holiday in particular.

 

“However, transaction numbers have reduced and prices have softened a little since as the frenzy of the last few months has been replaced by calmer conditions as supply and demand become more closely aligned.”

 

As the property market is predicted to pick up over the next 12 months, you may find your business inundated with work and require additional help to maintain your workflow. If you do not currently use an outsource transcription service then our team can help to keep on top of all your incoming business, allowing your team to focus on the task at hand.

 

Find out more about our transcription services by visiting our pricing page or call us on 020 7096 1663 to speak to us about our transcription and audio typing service.

The national average price of a properties coming to the market is at an all-time high according to Rightmove, with prices rising by 1.8% to £344,445 in October 2021, with properties coming on to the marketing selling quickly due to demand.

According to the UK’s number one property website, October saw the biggest rise at this time of year since 2015, with the average property price jumping by £5,983. This is due to a lack of stock as fewer properties enter the market, and a desire to buy ahead of a potential interest rate rise.

At present the market has recorded a ‘full house’, with price records across all regions of Great Britain and in all property market sectors during one month. This is the first time that a ‘full house’ has occurred since March 2007.

The autumn demand for properties is high, however the number of new properties entering the market is not enough to satisfy the strong demand from buyers, with ‘power buyers’ – those who have already sold their home or are first-time buyers – having the upper hand late in 2021.

There is such a high level of demand in the market, that even with agreed sales up 15.2% in September compared to the same period in 2019, the depleted is stalling recovery of the market. However, there is a fast turnover of property for sale and a window of opportunity to buy.

Based on a weekly snapshot, new sellers coming to the market is down 3.2% on the same period in 2019, however the period as a whole shows the market to be down by 9.3%. The market currently favours anyone looking to downsize or power buyers who are keen to move.

Tim Bannister, Rightmove’s Director of Property Data comments: “Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month. Although more properties are coming to market, the level is still not enough to replenish the stock that’s being snapped up.

“Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors of first-time buyer, second-stepper and top of the ladder hitting all-time highs. This ‘full house’ is an extremely rare event, happening for the first time since March 2007.

“The stock shortages started after the first lockdown, and they look set to continue with the underlying housing market fundamentals remaining strong, and an additional incentive to buy and fix your mortgage interest rate before a widely expected rate rise.”

The high demand is creating a quick turnover of sales and in turn increasing demand on services including surveyors, estate agents and solicitors. If you want to meet the demand and require audio typing or transcription services to meet tighter turnaround times on your survey reports, valuation reports or any other property correspondence, contact us at enquiries@backuptyping.co.uk.

 

Read more about this in Rightmove’s latest House Price Index report.

 

New Rules of Conduct launched by the RICS, which will take effect on 2nd February 2022, set out core principles for its regulated members and firms worldwide to encourage diversity and inclusivity within the profession.

The changes include explicit requirements that support surveyors regardless of their background or differences across the world. It also sets out updated requirements for surveyors to maintain their skills and expertise.

With an emphasis on continuing high standards of professionalism, the new rules are laid out to make it easier for the clients to choose a skilled expert and give them confidence in the service they will receive from a RICS professional.

The new RICS Rules of Conduct include:

• A simpler structure that makes the rules easier to understand for all RICS members.
• Clear examples of the rules that RICS firms and members can use to comply with the Rules. Plus 12 case studies showing the real-life application of the Rules.
• A focus on respect, diversity and inclusion underpins the professional ethics of members.
• Understanding evolving technology, which highlights the importance of understanding the use of data and technology, and the associated benefits and risks.
• Tackling global challenges, emphasising that ethical practice by RICS members and firms has an important role when it comes to global challenges. This includes creating sustainable development and tackling climate change.

The new RICS Rules of Conduct are set by its independent Standards and Regulation Board (SRB), and can be accessed by RICS members alongside a CPD programme.

Dame Janet Paraskeva, chair of SRB at RICS, said: “The advice of RICS professionals around the world underpins the successful management of our built and natural environment. With so many complex challenges facing decision-makers, this profession’s high standards of expertise and ethical conduct have never been more important.

“Standards in professional life must evolve to reflect modern-day expectations of clients and society at large, in order to maintain confidence. These revised Rules of Conduct will support our members and those that depend on their advice to continue addressing the challenges of today and tomorrow”

Following the Rules of Conduct announcement, if you need audio typing and transcription services to work alongside your existing team or relieve the pressure that your staff are facing, then contact us at enquires@backuptyping.co.uk or call us on 020 7096 1663.

The new Rules of Conduct will come into effect from 2^nd February 2022.