Latest Market Update In Rhyl
Here is the latest property market update in Rhyl
With 2021 firmly behind us, let's have a look over the last 12 months in the Rhyl property market. Understanding the past can help us look forward into the future with greater knowledge. Forewarned is forearmed, as they say.
In 2021, demand for property purchases hit record levels, overtaking those of the most recent boom in 2006. Across the UK as a whole, it is estimated that as many as 1 in 16 homes had new owners.
Of course, the pandemic impact was felt throughout the market. This meant there was a "race for space". Upsizing was the most common trend as people needed a home office or more outdoor space.
To get a better understanding of what happening at a local level, let's take a look at Rhyl's figures.
Properties in Rhyl had an overall average price of £154,746 over the last year.
The majority of sales in Rhyl during the last year were detached properties, selling for an average price of £182,421. Semi-detached properties sold for an average of £158,272, with terraced properties fetching £113,859.
Overall, sold prices in Rhyl over the last year were 12% up on the previous year and 16% up on the 2018 peak of £133,668.
In 2021, there were 424 new instructions to the Rhyl property market and 426 sales agreed over that same period. This demonstrates just how much demand there was across the year from buyers.
Because there was so much demand in the market, there were only 74 price reductions with many properties selling over asking price. Despite this high demand, there were still as many as 170 properties that stayed on the market for longer than 12 weeks, known as 'slow movers'
Rightmove have predicted further price rises in 2022, even by as much as 5%. The future looks bright, despite coronavirus and new variants. Demand in the property market isn't showing a lot of signs of decreasing. Even our first few days back at LL Estates have demonstrated that.
It is widely anticipated that this year will continue to be a strong year in the property market, albeit perhaps without the frenzy of the last 12 months. There are already 99 properties on the market and 7 of those were new to the market within the last 14 days.
Having been assessed by The Property Academy and Rightmove as Gold Standard estate agents, we are looking forward to this year. With our regular market updates and insights, we offer value and transparency for Rhyl homeowners.
Against a backdrop of 424 instructions in Rhyl and 33 different estate agents operating in the area, 18% of home movers trusted us with their home sales over the year. With only 1 sale between the top three selling agents in the area, we are proud of our award as it is independent and based on 6 months' of assessment across 46 different points. It really evidences why we say 'we are passionate about helping you on your journey'.
If you would like to have a natter about moving home in this year, or if you are a landlord with property to let, just give us a quick call.
Here's to 2022!