What’s in Store for the 2022 Housing Market?

What’s in Store for the 2022 Housing Market?

Are you ready for a fresh start this year? 2021 was a record-breaking year for the UK property market, with house prices increasing by 10.4%* in value, making 2021 the strongest calendar year for house price growth since 2006.

The good news is that property experts are continuing to see promising figures this January, with reports of a 19%* increase in the number of people requesting estate agents to value their homes.

 

Here’s our forecast for the 2022 housing market:

Asking prices are set to rise

The national asking price, which is currently £342,401**, is set to rise by 5%** next year, an increase of around £17,000**.

This is due to the increasing demand for housing, combined with the limited homes available to buy, so this imbalance continues to push house prices up.

 

More choices for buyers

Experts have suggested that the 2022 housing market will be more predictable compared to 2021, and the market is looking positive for buyers too.

Property expert Tim Bannister says: "Movers will benefit from good mortgage availability, as well as more property options – especially with the usual surge of sellers coming to market in Spring."

This will create fresh opportunities for buyers, with a 19%*** jump this month in the number of people requesting estate agents to value their homes in January, compared with the same period last year.

 

The rise in house prices is expected to continue

House price growth continued to surprise experts, as figures hit their highest quarterly rate since 2006. This growth is expected to continue throughout 2022, with a huge gap between supply and demand, workers returning to the office, and buyers re-evaluating what they want in a house.

Zoopla Research recently found that 22%** of UK households are eager or very eager to move home within the next year as a direct result of the pandemic, pushing demand up even further.

This year is forecast to be strong for the sales sector, with house prices at a record-high and more homes expected to come to market.

 

If you’re looking to take advantage of the prime conditions, contact our local property experts.

 

*Property Reporter

**Study by Zoopla

***Independent.co.uk: ‘What will 2022 bring for the UK housing market?’