Property Market Update: What’s Happening In The UK Property Market – July 2022

Property Market

Posted in Jul 27 , 2022

House prices have hit yet another record high, while the true scale of the UK’s price increases has been revealed, and a study has shown the locations where properties sell the fastest. Read on for all this and more in July’s property market update.

House prices rise for the sixth consecutive record month

Asking prices for UK homes have risen to a new record high for the sixth straight month.

Figures released by leading property portal, Rightmove, show that the average asking price for a UK property is now £369,968 – an increase of 0.4% or £1,354 in the past month.

The increase is higher than May’s 0.2% figure, but far lower than April’s rise of 2.1%, as the housing market begins to show signs of a cool down after a long period of unprecedented growth.

Further data shows that prices have increased 9.3% over the past year, largely driven by the far higher demand for homes than the supply available, with the latest data showing that there are 40% fewer properties on the market compared with 2019.

Wales average price hits new high

The average price of a property in Wales has risen above £240,000 for the first time.

The figures have been revealed by the Principality Building Society, which showed that prices have increased by 11.5% on average in the second quarter of 2022, compared with the previous year.

In one local authority – Blaenau Gwent – prices have risen an astonishing 20.6% in the past year, although, with average prices at around £150,000, it remains the lowest priced authority in the country.

The highest house prices can be found in Monmouthshire, where the average property sells for £368,621.

The true value of UK price increases revealed

Figures released by leading property website, Zoopla, have revealed that the value of the UK’s housing stock has increased to more than £10 trillion, with more than £1.3 trillion being added since Covid first hit the UK.

To put the figures into context, the average property price has increased by £38,000 since the start of the pandemic, or £48 per day.

In some areas, the daily figure far exceeds this, with leafy St Albans seeing an average daily price increase of £106 and all of the top 20 local authorities being based in the south of the country.

At the opposite end of the scale, some areas have seen a fall in the average price, with London property owners seeing the biggest drops. In the City of London, prices have dropped £40 per day since the pandemic started, while the figures for Kensington & Chelsea, and Westminster are more modest, at -£8 and -£5 respectively.

The top locations for a quick sale

Leading property portal Zoopla has revealed the top 20 places where homes sell the fastest, with the top four towns being spread across the country.

Dartford, Redditch, Test Valley and Gloucester are the quickest places, with properties typically taking just 14 days to sell.

They’re not the only quick sellers though – all of the places in the top 20 sell within 17 days, and they’re dotted all over the country, from Plymouth in the south west to Trafford in the north west.

London is one of the slowest regions in the country for selling a property, where it takes 35 days on average to sell, although Bexley and Waltham Forest buck the trend, taking 16 and 17 days respectively.

270,000 property millionaires created by pandemic housing boom

Startling figures released by Zoopla have revealed that around 270,000 homeowners have joined the millionaires’ club as a result of the pandemic housing boom.

With demand for properties at its highest level since 2006, almost 10m homes jumped by £50,000 in value, and sellers have been cashing in to create a whole new wave of property millionaires.

With demand running at 58% higher than the five-year average, and supply falling to 40% below the same average, soaring prices have seen buyers having to pay far higher prices than pre-pandemic, as factors like flexible working have seen them willing to move around the country to find their dream home.

Wales has seen the biggest increase in property values, with prices rising 22% on average across the country, but most of England has seen double digit growth too, with the exception of London, where prices have increased by a more modest 7%.

For more property news and updates and a more detailed overview of the London area, get in touch with Cribs Estates Ltd . We are your local property experts. Call us on 0203 441 1571 or email info@cribsestates.co.uk.

Shared on social media

Comments

Enquiry form

Latest Blogs

Guaranteed Rent Property Management: Is It Worth It for Landlords?

Being a landlord, if you have ever had a tenant missing out on rent or a property sitting empty for weeks, you would already agree on one thing: rental income is not always predictable.This is the reason why landlords are now shifting towards guaranteed rent property management. It’s not because of higher returns, but the certainty of getting the rent each month. But does this approach actually work out? And is it right for your case? Let’s find. What’s The Real Problem?On paper, the property looks like a steady income stream. In reality, you are dealing with:Late or missed rent paymentsVoid periods between tenantsUnexpected repairsConstant follow-ups and communicationAnd when rent stops, everything else doesn’t. Mortgage payments, bills, and responsibilities continue. That’s where the stress comes from, not the property itself, but the unpredictability.What Does Guaranteed Rent Property Management Mean?With guaranteed rent property management, you receive a fixed monthly income, regardless of whether the property is occupied or whether tenants pay on time. The management company will take the responsibility of tenants, handling rent collection, and managing day-to-day property. So instead of dealing with multiple moving parts, you have one agreement and one consistent payment.Why Landlords Are Switching to Guaranteed Rent?For landlords, it’s no longer just about maximising rent. They want less risk.Changes in the rental market, including stricter regulations and longer eviction processes, have made landlords more cautious.Choosing the guaranteed rent schemes in the UK helps them to get a predictable monthly income without any void periods. What’s more lucrative for them is less involvement with the tenants and handling fewer managerial issues. Landlords are aware that they will receive slightly less rent than the absolute market peak, but they also know they will not be doing the heavy lifting. For many landlords, the question here is simple: Is maximum rent worth the risk and stress? Or is consistent income more valuable?Guaranteed Rent vs Traditional LettingHere’s how it compares in real terms:FactorSelf-ManagedLet-OnlyGuaranteed RentIncome stabilityLowMediumHighVoid periodsYesYes NoTenant involvementHighMediumNoneTime requiredHighMediumLowStress LevelHighMediumLowThis is how most landlords are making their decision, not based on theory, but on how much time and uncertainty they’re willing to deal with.Who Guaranteed Rent Is Actually ForIt works best for landlords who:Want predictable, fixed rental incomeDon’t want to deal with tenants directlyLive abroad or far from the propertyHave experienced rent delays or problem tenants beforePrefer a hands-off investmentHowever, it will not work for the landlords who:Want to maximise every pound of rentPrefer full control over tenant selectionAre comfortable managing everything themselvesThe key is to make sure you understand what you want or take advise form a reputable management company like Cribs Estates to make the right decision.What Happens Behind the ScenesNew landlords who think it’s an easy task may not realise the work involved to keep the property running smoothly. When you choose to work with a property management company for a guaranteed rent scheme, you get assurance of many things. This includes tenant sourcing, rent collection, maintenance, and most importantly, keeping everything compliant with legal requirements. Juggling day-to-day communication and managing all tasks usually takes up the most time and causes the most stress if you are doing it by yourself. The Risks You AvoidThe real value starts to show when there is no risk of missing payments, having void periods resulting in income gaps, disputes with tenants, and miscommunications that can result in uncertainty in monthly cash flow. In the end, you need to protect your income and reduce the stress instead of thinking about convenience. This is where a reputable company helps you get the most. Get Maximum Benefits With Cribs EstatesIn Cribs Estates our approach to the guaranteed rent property management aims at making your property work for you without the usual stress. We ensure you get a fixed, reliable monthly income, and the tenant turnaround time is balanced. With a structured system for rent and maintenance issues, we take care of all the ongoing and future compliance support issues as well. Why is it important for you? It gives you control of your property. The majority of landlords we work with don’t want more work; they want less risk and more certainty, which is exactly what we provide. Speak to our agent today for a free consultation.

Block Managing Agents: Do You Really Need One?

If you recently owned or started managing your small building with a few flats, it’s easy to think you can handle everything yourself. On paper, it will not look complicated.But this is exactly where most landlords get it wrong.Managing a building with multiple flats is not just about collecting payments or arranging the odd repair. It involves legal responsibility, financial management, and dealing with people, all at the same time.That’s why many owners eventually start looking for managing agents for small blocks of flats or professional block managing agents.The real question is not if you can manage it? It’s about spending the time that is worth spending on building a portfolio.Small Blocks Are Not as Simple as They LookWe hear a common assumption from our clients in the beginning: It's only 3-5 flats, how hard can it be to manage them? In reality, small blocks can be more challenging than large ones. Why? Because everything is shared:Communal areasMaintenance costsResponsibilities between leaseholdersEven something simple like fixing a hallway light can turn into a discussion about cost, responsibility, and timing.What Happens When You Try to Manage It YourselfMost landlords begin to self-manage, which initially seems manageable. Then things start to stack up, and you find yourself: Chasing service charge paymentsOrganising repairs between multiple ownersDealing with complaints or disagreementsTrying to understand lease termsHandling paperwork and complianceIt quickly stops being a side task and becomes something that needs constant attention. And another issue that arises is the dependency of everything on you. The Legal Side Most Owners UnderestimateThis is where things get serious. When you’re responsible for a block, you are not just organising tasks; you are legally accountable. This can include:Ensuring building insurance is in placeMaintaining safe communal areasFollowing fire safety guidanceMeeting leasehold obligationsMany owners don’t realise how much responsibility sits with them until something goes wrong. And when it does, it can quickly become expensive.Where Problems Usually StartService charges seem straightforward: collect money and pay for maintenance. But in practice, this is one of the biggest pressure points. Common issues include:Leaseholders not paying on timeDisagreements over what is “fair”Unclear budgetingLack of transparencyEven one unpaid contribution can create tension across the entire block. And if things aren’t handled properly, it can damage relationships between residents and affect the building overall.Repairs and Maintenance Are ExpensiveWith a single property, you make decisions quickly. In a block of flats, it’s different. Questions start to come up:Who approves the work?Which contractor should be used?How is the cost shared?What if someone disagrees?Delays are common, and small issues can become bigger problems if not handled early. This is where many landlords realise that managing a block is not just about fixing things, it’s about coordinating people.Disputes Between LeaseholdersThis is rarely talked about, but it’s one of the biggest challenges. You may have to deal with:Noise complaintsDisagreements over costsMaintenance responsibilitiesCommunication breakdownsAs the person managing the building, you often become the middle point. And without experience, these situations can become stressful very quickly.What Block Managing Agents Actually DoThis is where block managing agents step in. Not as a luxury, but as a structured way to manage everything properly. A good managing agent will:Collect and manage service chargesHandle maintenance and contractor coordinationEnsure compliance with legal requirementsCommunicate with all leaseholdersKeep records organised and transparentCost vs Risk: Is It Worth Doing It Yourself?This is the decision most landlords eventually face. Yes, hiring managing agents for small blocks of flats comes with a cost.But compare that with:Time spent managing issuesRisk of legal mistakesDisputes between residentsDelayed maintenanceFinancial mismanagementIn many cases, the cost of getting it wrong is higher than the cost of getting it managed properly.Stay in Control with Cribs EstatesCribs Estates work with landlords and freeholders who want their block to run smoothly, without the constant back-and-forth. Our team assists you in structuring service charges collection and tracking, coordinates repairs and maintenance on time, keeps the communication clear between all parties, and ensures compliance requirements are met. The goal is to remove the stress that comes with it. Speak today to discuss your project.

HMO Landlord Responsibilities: What Most Landlords Overlook

If you’re among those landlords who are renting out a shared property, then you must know about the HMO landlord responsibilities. Like many landlords who move into HMOs thinking it will increase their rental income without doing much from their side, you may get a surprise when you find out it’s not true. In reality, the rules become strict, risks are high, and there is more day-to-day management stress. The problem comes when many landlords don’t know what they are actually required to do until they get a notice.When Does a Property Become an HMO?A property is classed as an HMO (House in Multiple Occupation) if:At least three tenants live thereThey form more than one householdThey share facilities like a kitchen or bathroomThis means you don’t need a large property to fall under HMO rules. Even a small house with three unrelated tenants qualifies.Many landlords become HMO operators without realising it, and later face issues. HMO is Not a Standard RentalYes, it is a regulated setup that landlords have to deal with. Local councils treat HMOs differently because sometimes tenants can pose safety risks. With shared living, the number of wear and disputes increases, and poor management can affect neighbours and communities.So your role changes from simply renting a property to actively managing a multi-tenant environment.Where Most Landlords Get It WrongNormally, landlords get confused here because the rules vary with borough, and what applies to one area will be different in another. There are three main types of HMO:A mandatory licence is for properties with 5 or more tenantsAdditional licensing is set by local councils for smaller HMOsSelective licensing applies to all rentals in certain areasIf you get this wrong, the consequences are serious:Fines of up to £30,000Rent repayment ordersRestrictions on renting your propertySafety Responsibilities You Cannot IgnoreHMO safety standards are stricter than those of standard rental properties. You are responsible for ensuring:Fire doors are installed where requiredSmoke alarms are fitted and workingEscape routes are clear and accessibleGas safety certificates are updated annuallyElectrical checks (EICR) are carried out every five yearsAnd you need to remember that these are not practices to consider, but legal requirements. Failure to meet these standards can lead to enforcement action or even criminal penalties.The Challenges of Managing Multiple TenantsWith more tenants, you get more income, but many landlords forget that it brings its own challenges as well. You will have to handle the disputes between housemates, share the responsibility issues, handle noise complaints, and deal with higher turnover. Unlike a single tenancy, you’re managing multiple relationships at once. So you will need to work double time to work it all out. Rent Collection in HMOs is a Big AskThe majority of landlords who are working with Cribs Estates were facing challenges with rent collection. Why? Because if you’re starting an HMO, you will deal with multiple tenants paying separately, some would ask for a couple of more days, some would pay upfront, whilst you would have to keep on following up with some. Moreover, the payment dates will be different for each, so you will have to manage them all, and also keep a check on which payments have already been received and which are still pending. All of these tasks require time, lots of it! This is why many landlords move towards reliable rent collection services like Cribs Estatesas part of their HMO management.Maintenance and Property StandardsHMOs experience more wear and tear than standard properties.More tenants mean:Faster deterioration of shared spacesMore frequent repairsHigher expectations for cleanliness and upkeepRegular inspections become necessary in such cases to maintain standards and avoid complaints. Ignoring maintenance will only increase the risk of council intervention.Read More: Stamp Duty Changes 2026The Real Risk: Fines, Claims, and Legal ActionOftentimes, landlords don’t consider this until it’s too late. Failing to meet HMO landlord responsibilities can result in:Civil penalties of up to £30,000Rent repayment orders (returning rent to tenants)Difficulty regaining possession of the propertyLegal disputes and reputational damageEven small compliance mistakes can escalate quickly. This is why HMOs are often seen as higher-risk, higher responsibility investments.We Help You Stay in ControlManaging an HMO successfully is about keeping everything running properly, legally, and consistently. At Cribs Estates, we help landlords reduce risk and simplify the process by handling the areas that matter most:Licensing guidance to ensure your property meets local council requirementsTenant management to handle communication and reduce disputesStructured rent collection so payments are tracked, consistent, and reliableMaintenance coordination to keep the property in good conditionCompliance checks to ensure all safety and legal obligations are metThe goal is simple to protect your property, your income, and your time. Get the right support early and save yourself time, money, and stress.Read More: Estate Agents in Richmond

Renters’ Rights Bill and Landlord Repossession Surge: What It Means for You

If you’ve been following the news around the renters’ rights bill landlords' repossession surge, you’ve probably noticed that more landlords are acting now rather than waiting.This isn’t random. It’s a reaction. Across the UK, landlords are moving to regain control of their properties before the new rules take effect. With Section 21 set to be abolished from May 2026, the way landlords handle repossession is shifting completely.The question is not just what the law says. The real question is: What does this mean for you as a landlord right now?Why Landlords Are Repossessing Properties NowRecent figures show that landlord repossessions have already started rising, even before the law fully changes. Some reports suggest increases of around 3% to over 6% year-on-year, depending on the dataset.What’s interesting is that this rise is happening even as some possession claims have fallen. That tells you something important: Landlords are being more selective and more strategic.Many are choosing to act now because once the new rules fully apply, regaining possession of a property will become challenging, as it will depend on legal processes.What the Renters’ Rights Bill Actually ChangesThe biggest change in the renters’ rights bill is this: Section 21 “no-fault eviction” is being removed. This means landlords will no longer be able to ask tenants to leave without giving a legal reason.Instead, all repossessions will need to go through Section 8 grounds, which require justification such as:Rent arrearsBreach of tenancyLandlord selling the propertyLandlord moving back inOn paper, this sounds fair, but it changes how much control landlords have over their property.Why This Is Causing a Repossession SurgeWhy renters’ rights bill landlords repossession surge are being searched more is because landlords are making decisions now, considering:Section 21 is still available (for a limited time)Future eviction routes will take longerCourt involvement will increaseUncertainty around timelines is growingThe Bigger Concern: Control and TimeThe real issue for most landlords is not eviction itself. It’s a loss of control.Under the new system:You must prove legal groundsTenants can challenge an evictionCourt processes become essentialTimelines become less predictableThis shifts the process from a landlord-led decision to a court-led process, which brings attention to another concern. The Court System and DelaysOne of the biggest gaps in most discussions is the role of the courts. Even now, landlords experience delays when dealing with possession claims. With the renters’ rights bill fully implemented, experts expect:More contested casesLonger waiting timesIncreased pressure on courtsRecent data already shows that repossession timelines have increased, with cases taking weeks longer than before.For landlords, this means mistakes in tenant selection or management could take much longer to resolve.Should You Be Worried About the Repossession Surge?The answer depends on how your property is managed. The repossession surge is not just about risk; it’s also about awareness. Landlords can operate successfully if they:Choose the right tenantsKeep proper documentationStay compliantHowever, landlords who rely on informal processes or delayed action may find the new system much harder to manage.Cribs Estates Helps You Stay ProtectedUnder the new system shaped by the renters’ rights bill landlords repossession surge, the focus is no longer just on finding tenants; it’s about managing risk from the start.At Cribs Estates, we focus on what actually matters:Stronger tenant selectionWe carry out thorough referencing and affordability checks to reduce the risk of future arrears or disputes.Structured rent collectionConsistent rent collection systems reduce the chances of missed payments and create a clear financial record if issues arise.Compliance and documentationFrom tenancy agreements to safety requirements, everything is handled properly so landlords are protected if legal action is ever needed.Ongoing property managementWe manage communication, inspections, and maintenance, ensuring problems are identified early rather than becoming bigger issues later.Clear guidance on legal changesAs rules evolve, we help landlords understand what applies to them and what actions to take.Landlords who adapt early, put the right systems in place, and manage their properties professionally will continue to perform well.Stay ahead of these changes and keep your property running smoothly.

Property search

Residential Lettings

Residential Sales

HMO

Commercial Sales Commercial Lettings

Price

Min price

Max price

Number of Bedrooms

Min bedrooms

Max bedrooms

Find properties