Over the previous 18 months, the housing market has grown at an exponential rate. The COVID-19 pandemic’s aftermath, the furlough plan, the stamp duty holiday, and cheap mortgage rates have all contributed to the record highs in home sales.
Can we see the similar patterns in the UK property market in 2022, with 22 percent of families “ready” or “very keen” to move home as a direct result of the pandemic during the following 18 months?
Walter Soriano London Management forecasts the following for housing market in 2022:
The Average Property Price In The United Kingdom Is:
According to research, housing prices in the United Kingdom are likely to grow by 3 to 4% this year. Manchester, for example, has increased by 8.7%.Property prices in the United Kingdom are expected to grow at a slower but steadier rate in 2022.
Demand and Supply
As a result of Stamp Duty Holiday exempting tax there was an artificial rush to buy real estate. There will be less activity in 2022, but there will still be a high demand for real estate.
According to a recent study, real agent listings have decreased by more than half. Property supply is at an all-time low, but demand continues to climb rapidly. Because of demand outstripping supply, house prices will continue to rise.
Expectations for Mortgages
Mortgage rates will be affected directly by rising borrowing costs for anyone wanting to get a mortgage in 2022. With loan rates rising and house prices rising, first-time buyers are projected to find it more difficult to jump on the housing ladder.
The government mortgage guarantee plan will operate until 2022, with large mortgage lenders joining up to give mortgages to customers with low 5 percent down payments.
International Purchasers Will Keep the Market Afloat
Overseas purchasers, who have been vilified in the past, will be welcomed with open arms during the approaching moment of unrest. Not only will there be more interest in the premium residential market, but there may also be more investment from Asia and the Middle East in the UK housing market as a whole.
The Popularity Of Suburbs Will Continue To Grow
People are more interested in rural locations as they seek more space and isolation, but this comes at a cost. The suburbs, on the other hand, are a happy medium. House searchers in places like our parish, Wanstead, get the best of both worlds, therefore we predict a spike in interest here and in nearby regions like West Essex.
If you are one of the 22% of families planning to relocate in 2022, Walter Soriano London Management can assist you. We give honest and expert guidance at every stage of the process to help you find the right house, and we have a large selection of new homes to choose from.