According to the experts at Zoopla, the UK will see at least a 3 per cent rise in the average price of property during 2022.
As per their predictions, there will be over 1.2 million transactions in the UK housing market in 2022.
Experts at Hamptons believe that the UK will see tremendous growth in the price of property during 2022 and 2024, with the average house price rising by 3.5 per cent in 2022, another 3 per cent in 2023 and an additional 2.5 per cent in 2024.
Other experts believe that there will be a huge demand for property in 2022, which will cause the average house price to rise by a whopping 6 per cent to 10 per cent.
Before you decide to get your free letting valuation, you might want to stop and think.
If the average price of property in the UK has risen by a whopping 10 per cent, from August 2020 to August 2021, what’s stopping another such boom in the future?
Experts claim that more homes have sold in the first half of 2021 than any other year, after 2007.
Some experts at Hamptons believe that the housing market in Great Britain will see at least 1.5 million transactions in 2021, itself!
Based on this forecast, Hamptons predicts that the total number of housing transactions in 2022 will cross the 1.25 million mark, whereas in 2023 and 2024 the number of housing transactions will easily cross 1.3 million.
What’s the Housing Market Prediction for London?
London is actually expected to be the most underperforming area in the UK.
Experts predict that the average price of property in London will rise by just a mere 1 per cent in 2022.
In 2023, the average house price in London is expected to rise by 1.5 per cent, after which it should jump up by 3 per cent in 2024.
However, with that being said, there are quite a few experts who believe that the properties in Central London and prime properties in London will actually see tremendous growth in 2022.
These experts believe that the average price of property in the prime areas in London will rise by 8 per cent in 2022.
Between 2022 and 2026, some experts are predicting that the average price of prime property in London will increase by 24 per cent!
What’s the Housing Market Prediction for North East & North West England?
North East England is expected to be one of the top-performing areas in the UK.
Hamptons experts predict that the house prices in North East England will rise tremendously between 2022 and 2024, with a possible 21.5 per cent rise by 2024!
North West England is also all set to outperform its neighbouring areas in the future.
As per the predictions, it is expected that the average house price in North West England will rise by 4.5 per cent in 2022, followed by 4 per cent in 2023 and another 3,5 per cent in 2024.
Experts believe that the average price will continue to rise in 2025 and 2026 also, by 3 per cent and 2.5 per cent, respectively.
According to a survey conducted by the National Association of Property Buyers, where they interviewed over 400 potential buyers in the UK, potential buyers feel that the average price of property will only rise in 2022.
Given that the average house price increased by 10 per cent from 2020 to 2021, most buyers and homeowners believe that it is only expected that the price will rise by 10 per cent, or even more, in 2022.
However, most experts believe that certain factors are responsible for this massive demand and sudden price jump.
The first and most important factor is the stamp duty holiday.
In order to make the most of the stamp duty holiday and enjoy a tax break, buyers lined up to purchase property before the September 2021 deadline.
Also, the recent availability of high loan to value mortgages coupled with the mortgage guarantee scheme has certainly increased the buyer’s confidence, as well as the buyer’s budget.
And finally, the race for space is another big contributor to these rising prices.
As for the future five-year predictions, according to a market insight and sales market forecast that was conducted in Autumn 2021 by Hamptons, it is expected that the average house prices in the UK will rise by 13.5 per cent by 2024.
According to a forecast by Savills, the average house price in the UK will rise by a whopping 21.5 per cent in the next 5 years.
However, most predictions and forecasts agree that the average price of property in the UK will rise by just 3.5 per.
However, with the uncertainty around the Covid-19 pandemic and its multiple variants, the future of the UK housing market is not certain.