The 2021 property market saw its fair share of challenges, as the nation began to recover from Covid19. From the expiry of the stamp duty holiday, and the ending of the furlough scheme, it was uncertain if the industry would stay afloat.
However, the market has overcome these hurdles, resulting in promising figures for homebuyers and home movers and the busiest year for the housing market since 2007. So, what is in store for the 2022 housing market?
Onwards and upwards - Demand will continue to rise
As homebuyers begin to re-evaluate what they want from a home, the property market is likely to continue to skyrocket in 2022.
Demand from potential buyers has increased by 30% since summer 2021, and the “race for space” is expected to continue, with buyers keen to purchase houses with more rooms, gardens, and drives.
A rise in rural living
The 2022 market is likely to boost in regions like the Northwest, Midlands, East Anglia, and Essex, as an increase in remote workers has allowed office workers to widen their horizons when it comes to purchasing a property.
Rightmove’s director of property, Tim Bannister, highlights the desire for space, post-pandemic when it comes to landlords and tenants deciding to relocate. He added: “The evolution for many from balancing their laptop on the end of a bad last March to making an office a permanent addition to a home has led to a need for even bigger homes than before.”
Rent and house prices set to increase
Next year, we’re likely to see a gap in supply and demand, resulting in an increase in rent and house prices. Therefore, encouraging landlords to take advantage of the booming sales market, and sell their property.
Rent prices are predicted to rise by 3% across the country, and some could even see a 10% growth.
Deposit replacement schemes set to stay
As living costs continue to rise, ‘The Residency’ scheme is making life easier for landlords and tenants, allowing them to move in easily, without having to save up large amounts for a deposit. Currently, we’re seeing one in two tenancies choose to take the no-deposit option, which is likely to prompt a rise in property demand.
Looking to take advantage of the property market in 2022? Book a valuation with us today.