Are you one of the many home-hunters looking to move this year? We’ve never seen the property market as hectic and competitive as it’s been in the last 18 months.
The good news is we’re starting to see signs of more properties coming to market, so 2022 might just be the year you find ‘the one’. Take a look at our forecast for the new year:
Will asking prices continue to rise in 2022?
We predict that the national asking price of a home – which is currently £342,401 – will rise by 5% next year, which will mean an increase of about £17,000.
This is because we’re still seeing a huge number of home-hunters looking to move, and not enough homes available to buy, so the imbalance continues to push prices up.
However, 2022 is set to bring fresh opportunities for new year buyers. We’ve already seen a 19% jump this month in the number of people requesting for estate agents to value their home via Rightmove, compared with the same period last year. With more homeowners getting ready to move, we can expect to see more properties for buyers to choose from in the new year, which will also slow down the pace of price growth.
Here’s what our property expert Tim Bannister predicts:
“While the 2022 property market will continue to be busy, we forecast it to be less frenzied than 2021, especially as more owners decide to come to market in the first half of the year.
“Movers will benefit from good mortgage availability, as well as more choice of property – especially with the usual surge of sellers coming to market in the spring. Price rises will be slower this year, compared to 2021, which will encourage some homeowners who have held back on moving to take action.”
Which regions are likely to see the biggest price growth?
The four most sought-after regions for buyers are Scotland, the West Midlands, the South West and Yorkshire and the Humber. We predict these areas are likely to see a higher rate of 7% price growth next year.
Will prices continue to rise in London?
Prices haven’t risen as much as they have in the rest of the country, and buyer demand is not as strong, so we forecast slightly lower price growth of 3% in the capital.
“There will be hotspots and cooler spots across the capital, as there are so many different pockets operating at different speeds. International buyers have been more on the scene, and buyers across all budgets are finding some attractively priced properties,” says our expert Tim.
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