Across the United Kingdom, the property market has been in a level of disarray during the past couple of years, primarily due to the coronavirus pandemic. As we move forward into a new normal, we can leave much of the uncertainty of 2020 and 2021 behind us. Here are just a few ways we can expect the property market to change over the next year.
- An end to record-high house prices?
According to Zoopla, approximately 1 in 16 houses exchanged owners across 2021. This frequency led to houses racking up record-high prices. The end of a stamp duty holiday fuelled this even further, contributing to 1.5 million sales. The average rate of growth across October, November, and December of 2021 was higher than any period since 2014 – a significant increase.
As buying calms down and interest rises, more people are finding stability. Essentially, all of the ones rushing for a new home now have one – this gives the property market a chance to calm down, with experts predicting more stability in 2022. It seems that – though demand is starting to outpace supply – a whole host of new houses will soon be available as people see the housing market is now less chaotic.
- The importance of location
Some property experts believe that the North West, East Anglia, Essex, and the Midlands will still be prime locations for real estate growth across 2022. This is part of the ‘race for space’ that the pandemic prompted, itself a rejection of urban living where these areas can offer some respite.
Of particular note is the Midlands, where mortgage deals have a better ratio of loan to value. While we can expect stability overall alongside slower growth, it would appear that these regions still have a lot to offer the housing sector.
- A drive towards digital solutions
The past 18 months have brought us into something of a digital revolution – and the housing market is not an exception in the slightest. Remote viewings have become an increasingly popular option for many prospective buyers, and embracing the added convenience of technology can help property managers to make more sales.
For example, CRM Software for Estate Agents can go a long way towards helping to build better relations with your customers and clients and streamline much of the buying and selling processes. Solutions such as these let you more efficiently manage a portfolio and make more sales in the process.
There is no guarantee which way the housing market will go in 2022 – but it seems as though we can expect some level of stability. Regardless, it is vital to keep an eye on the news and to make sure you embrace the technology that is taking the housing sector by storm.