House Prices Increase 10.2% in a Year, So What is in Store For 2022?
It's no secret that the housing market is booming. With 10.2% annual increase in house prices, will they keep increasing in 2022 or is a crash on the horizon?
House prices have continued to accelerate through 2021. Here's a roundup of the past year for the property market and some predictions of what may be to come in 2022.
2021
- Average house price increased by 10.2% in the UK with the Northwest sitting at 9.8%.
- The average price of a property in the North West now sits at £195,325
- The average price of a property in the UK is now £268,000 which is £24,000 more than the year previous.
- London has seen the lowest annual growth at 6.2%
- 2021 saw the highest number of property transactions recorded since 2007.
- At the back end of 2021 7 out of 10 properties listed on Rightmove were under offer compared to just 2 out of 10 in 2012.
What are the predictions for 2022?
- Rightmove predicts that house prices will continue to increase, but by smaller margins. It is predicting a 5% increase in 2022.
- The continued imbalance of properties for sale against the high volume of buyers is what will cause the upward push in prices.
- Rightmove does however predict that more properties will come to the market after seeing a 19% increase in valuation requests at the end of 2021.
- Movers should begin to see more available stock and good mortgage availability as we move through 2022.
So is now a good time to sell up and move? Get in touch with us to discuss why now might be the right time to sell or get an accurate up to date valuation.
Contact us:
Bebington Branch
0151 644 6000
lesley@lesleyhooks.co.uk
Bromborough Branch
0151 334 5875
rachael@lesleyhooks.co.uk