In a’major’ property market boost, house prices will ‘peak’ in January.
Britons looking to relocate this year may be in luck, as experts predict that more properties will hit the market in the coming weeks.
Last year, due to a lack of properties on the market and high demand, the average UK house price surpassed £270,000.
However, more people may decide to move home in the New Year, resulting in more properties on the market.
“People tend to stay put on their homes over the festive period, with properties hitting the market in the first quarter,” Mark Hughes, a Specialist Mortgage Advisor focusing on residential property at Pure Property Finance, told This website.
“Based on past data, we anticipate a significant increase in the number of homes on the market in January and February.”
“We’ll have to wait and see,” says the analyst, “but I think it’ll peak in the first quarter.”
“The New Year is traditionally a time when many more listings hit the market,” said David Hannah, principal consultant at Cornerstone Tax. “Activity on Rightmove indicates that the traditional cycle of listing in the New Year has recommenced.”
“The question is, at what market level?”
“While listings below half a million served as expected, listings above one and a half million appeared to have stalled, with few properties available and no new listings so far in January.”
Many people took advantage of the Stamp Duty Holiday last year, which was offered to those who were moving or buying a home.
Rightmove reported in December 2021 that it had already seen the highest level of completed homes since 2007, with a total of 1.5 million expected for the year.
Despite this, there was a scarcity of available property.
After a tumultuous year, the market appears to be settling down, according to the expert.
“I think it’s starting to settle down,” David explained.
Following the slump caused by the end of the Stamp Duty holiday, transaction volumes have returned to normal.
“Mortgage approvals are slightly higher than the same period last year, indicating increased demand.”
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“Clearly, matching supply with potential demand will lead to increased market stability, but certain areas, particularly lower-cost housing and the rise, still appear to be undersupplied.”
“Brinkwire News in Condensed Form.”