What’s in store for the property market in 2022?
A market review by Ron Hastings
Buyers are looking to the country market, which enjoyed its best performance in 2021 owing to the impact of the pandemic driving demand. The signs are that, with limited supply and demand remaining high, the trend is set to continue in 2022.
Sales were up across the range, with sellers regularly achieving 10-15% over the asking price and some going for 30% up to 50% over. Sale volumes also increased as sellers cashed in and at Hastings Legal, we generated record sales well ahead of the norm and breaking records last achieved over 10 years ago.
Key to this success is having the capacity to take advantage of the increased demand and adjusting to the changes brought on by the pandemic by having offices covering the Borders, including our latest in Jedburgh. We also have local staff able to offer accompanied viewings, complemented by video tours and drone footage of the area, making it easier for distant buyers to see all that is on offer. With record numbers of incoming buyers – driven by lifestyle changes enabled by flexible working – the pandemic has turned things on its head. Buyers no longer worry about living close to city lights and the attraction of a country lifestyle is now the prime motivating factor for relocating buyers.
The Scottish property market is catching up with our neighbours down south and this has also encouraged some who moved here to take advantage of the levelling up and move back closer to family – a move that in past years has been financially difficult due to higher housing costs down south. After a shorter than usual seasonal lull, there are already signs the market for 2022 is gearing up with a new wave of supply coming to market early in the year, ahead of the usual spring.
“New prospective buyers registering interest in buying in the Scottish Borders gives every indication the trends that have been driving the market will continue in 2022. It should be another good year, with competition for the best properties, and sellers that go early doing well.” said Ron Hastings. “While rising prices is not good news for first time buyers or those on a limited budget, there are still plenty of opportunities and more affordable houses are becoming available closer to valuation. And good news for those depending on a mortgage, lenders are offering a range of mortgage products. My advice would be to keep a close eye on the market, get ready to move fast with all your ducks lined up, and talk to a locally based independent mortgage adviser who understands local market conditions.”
© Ron Hastings February 2022
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