Will there be a drop in house prices in 2022?
THE PROPERTY MARKET ROSE IN 2020 AND 2021, but many analysts predict a crash in 2022 as a result of the end of the furlough program, growing inflation, and rising living costs – but might prices fall in 2022?
According to the latest HM Land Registry UK House Price Index report, house prices in the UK climbed by 2.5 percent in September compared to August. According to the figures, the average UK property was valued at £269,945 in September, up 11.8 percent year on year. The fastest-growing region was the North West, which increased by 5.3 percent. Will this rate of increase, however, continue until 2022? This website chats with real estate specialists about market projections for 2022 and whether home prices will continue to rise.
According to Zoopla’s latest house price index, property price growth is expected to decrease in 2022 due to “headwinds.”
Higher mortgage rates, rising living costs, and more taxation, according to the online property marketplace, will all contribute to the downturn.
According to Zoopla, house price growth will slow to three percent by December 2022, down from more than six percent presently.
As a result, house sales in 2022 are expected to be approximately 1.2 million, down from 1.5 million this year.
According to Athena Hubble, managing director of property marketplace Boomin, house prices in the UK would likely climb “slower but more consistently” in 2022.
“On the road to recovery, the continuous growth in housing prices has showed symptoms of moderating as we near the end of 2021,” Ms Hubble told this website.
“Looking ahead, the termination of the government furlough programmes is expected to have an influence over time, causing more properties to come on the market, with downsizing and selling off rental homes as significant drivers.”
“However, demand is projected to support price inflation in 2022, resulting in a lower but more steady rise across the UK.”
In 2022, certain places will grow, while others will continue to deteriorate.
Throughout the epidemic, the property market in London has been the hardest damaged.
The Government’s House Price Index for September revealed the lowest monthly and yearly price growth since August, decreasing by 2.9 percent.
In London, prices increased by 2.8 percent on an annual basis. “Brinkwire News Summary.”