{"id":540,"date":"2022-02-04T12:27:36","date_gmt":"2022-02-04T12:27:36","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=540"},"modified":"2022-02-04T12:52:43","modified_gmt":"2022-02-04T12:52:43","slug":"what-does-2022-hold-in-store-for-the-housing-market","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/02\/04\/what-does-2022-hold-in-store-for-the-housing-market\/","title":{"rendered":"What does 2022 hold in store for the housing market?"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Key factors driving the housing market in 2021 were a\ncontinuing desire for homes with more indoor and outdoor space, a mismatch in\nsupply and demand, and the temporary cut in Stamp Duty.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The resulting property boom, which according to Zoopla has\nmade it the busiest year for the housing market since 2007, also saw UK house\nprices rise to record highs, with the average UK property hitting a record high\nof almost \u00a3273,000.<sup>1<\/sup><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>A strong end to 2021<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>According to the latest figures from Halifax, house prices\nrose by 1% in November alone, taking the annual growth figure to 8.2%.\nSignificant regional variations continue to be seen; in England, the North West\nwas, by far, the strongest performing region with annual growth of 11.4% and an\naverage house price of \u00a3209,287; London has remained the weakest performing area\nof the UK, although with an average property price of \u00a3521,129, values in the\ncapital remain well ahead of other parts of the country. House prices also\ncontinued to rise in Scotland, with the average property costing \u00a3191,140 and\ngrowth of 8.5% year-on-year. <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Uncertainty for 2022<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>One agent<sup>2<\/sup> has predicted that house prices will\nincrease by 7% in 2022 in a <em>\u2019best case\u2019<\/em> scenario, with a downside\nprediction of&nbsp; 2% growth. However, it\nremains to be seen how any increases in Bank Rate or other economic factors\nwill affect the&nbsp; market. Halifax Managing\nDirector Russell Galley commented, <em>\u201cLooking ahead, there is now greater\nuncertainty than has been the case for quite some time, with interest rates\nexpected to rise to guard against further increases in inflation. Economic\nconfidence may also be dented by the emergence of the new Omicron virus\nvariant, though it remains far too early to speculate on any long-term impact,\ngiven insufficient data&nbsp; at this stage,\nnot to mention the resilience the housing market has already shown in\nchallenging circumstances.\u201d<\/em>&nbsp; <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Halifax, 2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>2<\/sup>Strutt &amp; Parker, 2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>It is\nimportant to take professional advice before making any decision relating to\nyour personal finances. Information within this article is based on our current\nunderstanding and can be subject to change without notice and the accuracy and\ncompleteness of the information cannot be guaranteed. It does not provide\nindividual tailored investment advice and is for guidance only. Some rules may\nvary in different parts of the UK.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Key factors driving the housing market in 2021 were a continuing desire for homes with more indoor and outdoor space, a mismatch in supply and demand, and the temporary cut in Stamp Duty. The resulting property boom, which according to Zoopla has made it the busiest year for the housing market since 2007, also saw [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/540"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=540"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/540\/revisions"}],"predecessor-version":[{"id":542,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/540\/revisions\/542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/541"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=540"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}