Market predictions for the new year
Industry news : 10 - 12 - 21
The trio of low mortgage rates, the stamp duty holiday and changes in buyers’ priorities have all contributed to the incredible demand within the housing market in 2021.
At Andrew Lodge Estate agents, we have experienced an incredible leap in buyer interest across Farnham and the surrounding villages.
As the new year draws closer, we highlight some predictions for the property market in 2022.
Property prices continue to rise
Asking prices for properties across all regions and sectors of the market hit record highs in October.
A moderation is likely throughout the final quarter, with a price growth of 5.8% expected for 2022.*
An interest rate rise is predicted, and while this may act as a soft brake on the market, there is little evidence it will trigger any significant price falls.
Price growth of 3.2% is predicted over the course of 2022 by the Office for Budget Responsibility.
The race for space
Another domino effect from the pandemic is how homeowners began to prioritise space as one of their main needs in a property.
The combination of being cooped up inside, as well as businesses moving to remote working meant that people naturally discovered how much they valued space.
If you’re thinking of moving to find a property with more room, the time is now to get a move on with the process – especially with demand being high and surpassing supply.
Stay one step ahead and book your up-to-date property valuation with us here.
*Source – The Guild of Property Professionals