Positive property market predictions for 2022
The 2021 property sector has been record-breaking and 2022 is predicted to be no different.
As we head into the new year, what is in store for the housing market?
House price increases
As we head into 2022, the average UK house price has hit a record-high of £254,822, which is £23,902 more than the average in January 2021. *
With property priorities changing to favour gardens, large living spaces, rural locations, home offices and dining rooms, prices for properties with these features are set to increase further.
Demand stability
Over one-third of properties sold towards the end of 2021 achieved above their asking price, due to the spike in buyer demand. *
2022 is predicted to be just as lucrative for sellers, however, experts have stated that buyer demand will be more stable. This will allow for more property choice if you’re considering a move.
Remortgaging activity
£316 billion worth of home loans were granted during 2021, thanks to a strong level of buyer activity.**
2022 is set to remain just as strong for mortgage lending, with more remortgaging activity expected to take place.
With so many positive elements to take away from 2021, and a bright future for the property market ahead, now is a great time to evaluate your options.
If you’re thinking of buying or selling this year, contact us.
*BBC.co.uk
**Independent
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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