The average house price in the UK surpassed £250,000 earlier this year, setting a new high
Rightmove has forecasted a 5% rise in national house prices for 2022.
It predicts that house prices will rise next year due to high demand for property and a lack of homes on the market for sale.
The average house price in the UK surpassed £250,000 earlier this year, setting a new high.
According to Rightmove, Scotland, the West Midlands, the South West, and Yorkshire and the Humber are the most competitive markets at the moment.
It’s been a hectic 18 months for the property market since the end of the first lockdown, with changed housing needs driven by the pandemic inspiring many moves, and the Stamp Duty holiday encouraging some movers to bring their plans forward, Tim Bannister, Director of Property Data at Rightmove, said.
As we approach the start of the 2022 market, the net result is the lowest ever available stock of property for sale per estate agency branch, despite continued high buyer demand, says the report.
As a result of this supply-demand imbalance, buyer demand per available property is near record highs, implying that the 2021 scenario of multiple buyer bids on a large proportion of properties when they come to market will continue in the New Year, it says.
Because of this year’s rapid increases in average prices, the expert predicted that demand would slow down.
A slowing in the pace of price rises and activity is likely to be more noticeable in the second half of the year as base rate hikes, higher inflation, and higher taxes begin to weigh more heavily on buyer sentiment, Mr Bannister continued.
He said: As a result, sellers who are overconfident in their asking price in the first half of the year risk missing out on the most active part of the market.
