2021 was a year of huge, unexpected changes. A housing boom, the extension of the stamp duty holiday, supply and demand issues and house price inflation all had a big part to play in the year's trends. As always, the property market is constantly fluctuating, and with the long-term effects of Covid-19 coming to light, we're sure that 2022 is going come with its fair share of surprises too.
At Boultons Chartered Surveyors, we try to stay in the loop as much as we can. Here are some of the most common property predictions for 2022.
More than a fifth (22%) of households plan to move over the next 18 months as a direct result of the pandemic. Covid-19 has made its mark on the way people live and work. With more companies introducing a permanent work-from-home policy, professionals have different priorities when it comes to property search, and they're looking to move to areas and homes that better suit those needs.
Commute-time is out, home-office space is in. Fast broadband, more rural space. This has meant a shift from the city lifestyle to a more rural setting, which will significantly influence housing activity over the next year.
The property portal’s research forecasts a +3% increase in UK house prices over the course of 2022, compared to 2021's 6%.
Though the “artificial” rush caused by the stamp duty holiday' is set to slow down significantly during the coming year, house prices will continue to increase at a slower pace. This is largely due to high demand and low supply which will support house price inflation. Other factors for the slow-down include higher mortgage rates, soaring living costs and increased taxes.
The North's property market saw a massive boom over the course of 2021. House price growth in the North-West surged, with the average value now 10.4% higher than a year ago. And with the 'race for space' in full swing, the North-West's boom isn't set to slow down any time soon. In 2022, house price growth is predicted to be highest in the North West of England and the East Midlands, at 4%, and weakest in London, at 2%.
Cities such as Manchester and Liverpool are leading the way for the whole of the UK with annual house price rises of 10.4% and 8.7% respectively. Renters and homeowners alike are looking for more space, more green areas and more affordability with their properties. With the average property price in the north-west still far below the likes of London and other parts of the south, it's an obvious choice for people looking to get more for their money.
At Boultons Chartered Surveyors, we're interested in more than just getting you a survey. We're here to keep you updated and in the know, so you can make informed decisions about your next property investment.
To find out more about working with us, give us a call today.