Sarah Beeny: how to ensure your property sells fast for the best price
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There’s good news for those looking to get on the ladder or move to a bigger home, as 2022 is predicted to bring stability to house prices after a year of frenzied activity. In 2021, house purchases reached the highest level since before the 2008 financial crash.
According to the Office for National Statistics, the average UK house price has rocketed by 10.2 percent over the past year to an almost unbelievable £285,000 in England.
Some 1.5 million homes were bought in the UK last year, after financial schemes like the Stamp Duty holiday and working from home orders prompted Brits to relocate as quickly as possible.
What’s more, an imbalance between demand and supply pushed prices up even further.
If 2021 has shown anything, it has shown that the market can be incredibly difficult to predict, especially in these uncertain times.
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So what do the experts think will happen to the market in 2022?
The housing market is likely to level out during 2022, according to many experts, but prices are more difficult to predict as demand remains strong.
The Bank of England has now raised interest rates due to the uptick in inflation – up from a rock bottom of 0.1 percent.
Although the rate has only been raised to 0.25 percent, it is expected to rise even further, albeit slow and gradual.
Experts believe the market will cool off throughout 2022 in the absence of schemes like the Stamp Duty holiday and rising interest rates.
Bryan Mansell, co-founder and CEO of Gazeal, told Express.co.uk: “We don’t expect to see the same in 2022 as interest rates will rise and the supply of homes coming to the market will increase.
“Buyer demand we expect will remain strong, however, with an expected rise in interest rates, we may see caution as potential house-hunters may opt to save for larger deposits and delay their search for a home expecting price cooling.”
But some experts predict many of the factors that led to the sharp uptick in moves will stick with buyers for the foreseeable future, even if the market does level out in the year to come.
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Scott Clay from specialist lender Together, told Express.co.uk: “Looking beyond the impact of the Stamp Duty holiday and the pent-up demand following the reopening of the housing market last year, it’s highly likely the market will largely revert to type.
“Typically, the busiest time for property transactions is in the Spring and in the Autumn, with peak summer months and Christmas being times or relatively subdued activity.”
“The ‘race for space’ phenomenon meant existing homeowners progressed quickly up the ladder, but the same can’t be said for first-time buyers.
“Most were met with limited supply, extortionate prices and lengthy queues for virtual viewings.
“What’s more, with the end of the popular Help to Buy scheme scheduled for 2023, there will soon be a significant gap in the market for first-time buyers needing support with deposits.
“On the plus side, there are still many schemes to help this group.
“Shared Ownership is an equally popular scheme and we continue to see strong demand from first-time buyers seeking these types of properties as they can be a great stepping stone onto the housing ladder for young families and those on lower incomes.”
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