With an ongoing property shortage, the Stamp Duty Holiday extension coming to an end in July and demand higher than ever, it’s fair to say that the 2021 housing market was one like no other!
House prices saw dramatic increases throughout 2021, with prices rising faster than in any calendar year since 2004.
But, what’s the picture for 2022?
We have more than 50 experienced and knowledgeable estate agents on our sales teams across our offices in Newbury, Devizes, Marlborough, Lambourn and Didcot, many of whom are long-standing members of staff, and more than 500 years experience between them!
Our teams have worked through the ups and downs of the housing market over the last two decades and are well placed to predict what the property housing market will look like in 2022.
Here are their top forecasts.
As previously mentioned, the UK property housing market saw a frenzy in 2021, with buyers looking to capitalise on reduced Stamp Duty rates in a market experiencing lower levels of supply.
Whilst we expect 2022 will continue to be busy, we predict that it will be less frenzied than in 2021, with more owners deciding to sell their properties, therefore, opening up the market.
With a strong economic recovery from the pandemic, we are forecasting strong property price growth for 2022 and beyond.
This is supported by the Office for Budget Responsibility who, in the wake of the Chancellor's Autumn Budget in October, indicate that while property price growth will not likely replicate the exponential rises of 2021, growth will continue moderately over the coming year, and prices are not expected to fall.
Rightmove have also predicted growth in the national average property asking price, currently at £342,401, forecasting a 5% rise in 2022, an increase of around £17,000.
According to findings from our data partner, Dataloft, the number of first-time buyers grew by 35% in 2021, compared to the pandemic year of 2020, despite ongoing uncertainty.
Close to 60% of agents surveyed reported that first-time buyers were the most popular type of buyer, which can be attributed to falling unemployment rates, reduced borrowing costs, and an increased number of low deposit mortgage deals.
The current economic climate has also placed the ball in the court of the employee, with total average pay growing by 4.9% for workers from August to October 2021.
According to the English Housing Survey, 60% of first-time buyers are now in the top 40% of incomes, thanks to numerous lockdowns providing more opportunities to save due to reduced expenditures.
An important point to remember is that an increased number of first-time buyers should make many property chains smaller, which will reduce the average number of weeks it takes to sell a property.
Established more than 21 years ago, you can be assured that we are the experts when it comes to property.
We are always open and honest about the sales process. Whether this is your first house sale or your 10th we are always happy to go through the full sales process with you.
We also work with all types of landlords and will work with you to ensure that renting out your property is as stress-free as possible.
Our dedicated and qualified lettings and property management teams will use their experience and expertise to deliver a first-class service and support you at every step.
This will ensure that you know exactly what to expect. We are also always at the end of the phone or email should you have any questions or queries.
As a leading local estate agent in Didcot, Lambourn & Hungerford, Marlborough, Devizes, Newbury and the surrounding areas we are best placed to help you sell or let your property. We can even help you in finding your next home.
To find out more about how we can support you through your house sale contact us today.