The property market has had its best January in 17 years
After statistics show that this January was the strongest in the property market since 2005, the hot property market of 2021 appears set to continue into 2022.
According to Nationwide data, annual house price growth has increased by 11.2 percent, bringing the average value of a property in the UK to £255,556 after a sixth month of price increases.
Month on month, prices increased by 0.8 percent from December 2021 to January 2022, reflecting the ongoing price increase.
The stamp duty holiday scheme was a major driving force behind the recent data, with high mortgage approval rates and property demand also playing a role.
Due to low stock levels in the property market as a result of the stamp duty deadline in September, purchasers have sparked a bidding war for houses, driving property prices up.
Not only are property prices rising, but property transactions are also at their highest level since 2007.
With current market conditions favouring sellers and Spring being often regarded as the best time to sell a home, now is the time to act.
Find out your home’s value this February…
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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