Experts Predict Strong yet Placid Growth for UK Property Market in 2022
UK property is one of the stable markets that was differently affected by COVID-19 induced upheaval. Though it had disrupted the previous normality but positively shaped the property market and injected growth as well during the course. If you have been following the UK property market closely, you must know that the house prices increased dramatically, during 2020 and the trend continued in 2021 as well.
The rise was affixed to the stamp duty holiday mainly but experts do not agree to give all credit to this factor. A majority of experts opine that the rise in prices is related to the increase in demand for UK houses and prices may rise further and so is the demand, even the stamp holiday is ended.
Real estate agents suggest that the UK property market is likely to return to normality (pre-COVID times), with more activity in 2022 due to strong demand from local and international buyers. A rebound will also be observed in the number of homeowners being ready to sell their homes. It means the UK housing market will gradually return to its normal and may also observe a peak.
A majority of real estate experts suggest that the UK housing market will experience an active yet placid 2022. Due to a number of factors the market observed augmented growth, and a rush to complete the transactions before October 1st, 2021 in order to avail the discount. However, the upcoming months are expected to be less frenetic, with a more balance between demand and supply.
Sellers are expected to put more homes on market to earn higher profits but higher interest rates may put a halt on buyers’ demand. Another sign for the market to return to normal activity is the “December Dip” check, showing the prices have fallen along with the activity and demand.
According to Rightmove, the dip shows varied figures across the UK such as in London, the average fall in prices is around 1.6%, while in Scotland the average price fell by 3.5% but in other regions such as East and West Midlands – the prices rose by 1.6% over the past month.
The UK Finance, the bank trade body, stated 2021 as a record year for mortgage lending, due to strong sales in the property sector. It predicted that gross mortgage lending would peak this year at £316bn – up 31% in 2020 – then fall back to £281bn in 2022 before increasing to £313bn in 2023.
The statistics show that the market will be less frenzy in 2022 but experts also opine that the UK property market has a track record to defy expert forecasts. The stamp holiday ended on September 30, yet an increase in property prices was also recorded during November, which was the highest quarterly rate since 2006. The mortgage lender and financial experts also agree that prices can continue to climb in the next year as well.
Real estate experts at Copeprstones also predict a relatively normal property market in 2022 but it does not mean that market will either be stalled or dramatically slow – yet we can experience a perfect balance in the UK housing market. Moreover, property prices will also rise across the UK due to a shift in the trend of moving to bigger suburban homes.
More and more people are contacting us to sell their current homes in order to move into a bigger and better property. And we will see the market slowing down in terms of taking decision and the rush to close the deal, which resulted in the increase of property prices. With this, we can expect normality in the market, which proves to be good for genuine buyers.
If you are also planning to buy a house in UK or looking for a high-end properties for sale in London or anywhere across the country, you must contact the team Copperstones at +44 203 888 5555 or email us at enquiries(at)copperstones(dotted)net. Our sales experts will revert back with the best available options that can match your demand and fit into your budget as well.
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