UK property market witnessed robust January since 2005
Despite facing COVID-19 led uncertainties, the UK’s economic sector is on the road to recovery and so is its real estate market. UK property market has shown resilience which set the tone of optimism within the sector. A large number of real estate agents and experts expect to see a better and brighter 2022 in terms of property transactions. Besides overcoming a number of other challenges, a huge shift in technological trends can greatly impact the real estate realm.
A robust January for the UK housing market…
With annual price growth reached 11.2%, the UK housing market has shown stellar recovery signs and January 2022 proved to be the strongest start to a year since 2005, according to Nationwide, a renowned building society in the UK.
The average price of a UK house reached £255,556 in January, after a consecutive rise in prices from the past six months. The annual growth rate accelerated 0.8% from 10.4% in December 2021 – touching its highest peak since June 2021.
The growth is record high…
Owing to the ease of international travelling, the demand for UK houses remained vigorous. Moreover, mortgage approvals have also been running slightly higher than the pre-pandemic levels, despite the surge was associated with the stamp duty holiday in 2021, which urged buyers to complete their transactions in time to avoid additional tax.
According to reports, the total number of property transactions in 2021 was the highest since 2007 and almost 25% higher than the transactions that took place in 2019, before the COVID-19 led pandemic hit the world. Moreover, with stock being low and demand remaining higher, there is an imbalance between supply and demand, which led to the continuous increase in the house prices growth across the UK.
What does experts say?
Despite the increase in demand and growth in UK house prices, many real estate experts predict placid growth for the UK property market in 2022. The market is likely to return to normal pre-pandemic levels, with more activity – due to stronger demand from both local and international buyers. A rebound will also be observed in the number of homeowners being ready to sell their homes. The UK housing market will achieve a balance between supply and demand.
The real estate sector has had to become far more innovative, flexible, and adaptable to tech changes (in particular), in order to overcome future challenges. It is also notable that COVID-19 have accelerated the need to adopt these changes yet most of these technological changes started affecting the realty market before even the pandemic hit the market and to cut through it, real estate agents would have to adopt these changes in the post pandemic market.
Copperstones confirms the trend…
Copperstones also confirms this price rise on percentage points and also shares some facts about London real estate market. According to news, 91% of London homeowners have made an average profit of £198,000 on home sales in 2021.
If you are looking for a house in UK or planning to sell your London home to make a hefty profit, this is the time to pick up your phone and contact team Copperstones** **at +44 203 888 5555 or write us at enquiries(at)copperstones(dotted)net. One of our sales experts will revert to you with the best available options that can match your demand and fit into your budget as well or help you reach potential buyers.
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