As the page turns on 2021, it has been a record-breaking year for the property market, with a series of plot twists making it a year to remember.
This year has proved to be a year of twists and turns. The country began the year in lockdown, but demand for property flourished when Spring took hold. Sales records were broken, and demand continued apace, buyers eager to benefit from the stamp duty holiday. Over half a million purchasers benefitted from 0% property taxation in the first nine months of 2021.
Gardens, more space and quality broadband topped the wish list for buyers, with a shortage of supply strengthening price growth. Underpinned by the huge success of the COVID-19 vaccination programme, ‘normality” resumed. The economy has proved resilient, with the impact of the end of furlough being less significant than predicted. However, the impact of price rises on household incomes make an interest rate rise likely and the developing situation with the COVID-19 Omicron variant will be monitored closely.
As the end of the year approaches, Zoopla report that demand in the market continues to be stronger than usual, a shortage of homes for sale, new supply, particularly houses, continues to limit choice for those needing to move, although Rightmove report a 14% year-on-year increase in property valuation requests, a sign of building momentum. Nationwide report that a 10% annual property price growth remains in double digits in the year to November, although the consensus forecast for 2022 is for growth to pare back to a more stable 3.8% by the office of Budget Responsibility. Inflation is anticipated to place pressure on consumer prices in the first half of 2022 and a rise in interest rates is predicted.
November was our busiest month for valuations with over 30 vendors preparing to bring their homes to the market in the new year, this flush of new stock will provide fresh opportunity for buyers and with a greater range of mortgage availability 2022 is set to be a great year to move home. Give us a call on 01257 451 673