The red-hot property market of 2021 looks set to continue into 2022 after statistics show this January has been the strongest in the property market since 2005.
Statistics from Nationwide have shown annual house price growth has risen by 11.2%, taking the average value of a property in the UK to £255,556 after the sixth consecutive month of monthly increases.
December 2021 to January 2022 saw an increase of 0.8% increase month on month, further demonstrating the continual price growth. A lack of available stock has played a huge role in driving prices up and this has largely been caused by people waiting to see a property they like, before putting their own home on the market. Errors in judgement like this have led to rising prices due to lack of demand. There has also been growing frustration from those who cannot secure the home they want because vendors often don't take seriously those who do not already have their home on the market.
The stamp duty holiday scheme was also a major driving force behind the statistics, however the more longer term trend is being supported by high property demand and high mortgage approval rates.
If you need to discuss your mortgage options, please do get in touch with our partner mortgage provider Your Mortgage Hub. They have access to whole of the market products that are likely to cover every possible purchasing scenario.
Not only are property prices increasing, but property transactions throughout 2021 also reached the highest since 2007.
With the current market conditions suiting those wanting to sell, and Spring often being seen as the best time to sell a property, now is the time to act.
Value your property this February, contact us for a free, no obligation consultation.