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Tis The Season | What’s in store for the property market in 2022?

The stamp duty holiday may have ended but the demand from potential buyers continues to rise, currently up 30% on the five-year average. The stamp duty holiday, cheap mortgage rates, and a nation re-evaluating what they want from
a home have all combined to drive historic levels of demand. Rest reassured that the projected cliff edge is nowhere to be seen and the ‘pandemic-induced boom’ still has a ways to go.🏡

What’s happening to house prices right now?

The price of property coming to market has surged past last month’s record and jumped by an average of 1.8% (£5,983) this month. This is the highest percentage monthly rise at this time of year since October 2015. Price growth continues to be strongest in regions where property remains affordable, with the North West at 8.8%.

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What will happen to the housing market in 2022?

The ability to work from home has expanded the horizons for many office workers who now feel able to look further afield. Research from Zoopla shows that 22% of people at present intend to move, considerably higher than the usual 5% in a normal market.

The high levels of equity homeowners have built up over the last 18 months and the shortage of properties on the market is projected to support house price growth well into 2022.

House price growth is expected to end 2022 at 3%, with the North West staying on top with the growth likely to remain strongest.

Tis the season to sell your home

For both home buyers and sellers, the festive period is the new seasonal peak, thanks to the Boxing Day bounce and incredible January price rise! According to Zoopla, the number of website visits they receive over this period are forecast to rise over 60% month-on-month in December!

The festive season is also always a busy one on Rightmove. December 2020 saw a 59% increase in traffic versus December 2019 while January 2021 delivered a 40% increase versus January 2020.

Boxing Day arrives and many people tend to spend a lot of their time on their phones, tablets, and computers surfing the web. In fact, many people take the opportunity to be proactive and begin thinking about the future. Whether that be the consideration to downsize because the kids have flown the nest, upsize to meet the demands of a growing family or move closer to the grandkids, it is only natural to start looking towards the New Year and many people are keen to make a fresh start or improve their life. Buying a property or moving home is a key ambition for many. Therefore, you’ll find a lot of people searching for property.

Rightmove recorded its busiest ever start to a new year this year, with visits to the site up 30% on the same time period in 2020.

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