{"id":4023,"date":"2022-01-12T10:58:46","date_gmt":"2022-01-12T10:58:46","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=4023"},"modified":"2022-01-12T10:58:46","modified_gmt":"2022-01-12T10:58:46","slug":"what-trends-will-dominate-the-housing-market-in-2022","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/01\/12\/what-trends-will-dominate-the-housing-market-in-2022\/","title":{"rendered":"What trends will dominate the housing market in 2022?"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Last year\nhouse prices rose to new heights and the sales market was at its most active\nsince 2007. Last year\u2019s property boom was fuelled by a desire for more space, a\nmismatch in supply and demand, and the temporary Stamp Duty holiday. Looking\nahead, what trends will dominate the housing market in 2022?<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Strong\nfinale<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>More than 1.5\nmillion homes were set to change hands in 2021, while the average UK house\nprice hit a record high of over \u00a3270,000 in November<sup>1<\/sup>. According to\nthe latest figures, the annual growth rate is at 8.1%. Will this growth be\nsustained into 2022?<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Uncertain\noutlook<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>One prominent\nestate agent<sup>2<\/sup> has predicted that house prices will increase by 7% in\n2022 in a \u2018best case\u2019 scenario, though it also made a \u2018downside\u2019 prediction of\n2% growth. It remains to be seen how much impact an expected rise in the Bank\nof England\u2019s base rate will have on the market.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Robert Gardner,\nNationwide\u2019s Chief Economist, thinks any increase will have minimal effect\ngiven that most mortgages are now on fixed rates<em>, \u201cEven a 0.4% increase in\nrates (to 0.5%) is likely to have a modest impact on most borrowers who are on\nvariable rates. For example, on the average mortgage, an interest rate increase\nof 0.4% would raise monthly payments by \u00a328 to \u00a3625.\u201d<\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Regional\ndifferences<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Another pattern\nto watch out for is how regional discrepancies change. Variation is currently\nhigh across different regions. For example, the North West of England was the\nstrongest performing region in 2021 with annual growth of 10.4% (to October)\ncompared to London\u2019s rise of just 2.8%. Yet, the average property price in the\nNorth West (\u00a3205,881) remains far below the average in the capital (\u00a3514,907).<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>House prices\nalso saw strong growth in Scotland, with the average property now costing\n\u00a3190,023 following year-on-year growth of 8.6%.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Here to\nadvise<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Finding a\nsuitable mortgage and the right protection cover can be tough, especially in a\nrapidly moving property market. We can assess a wide range of mortgages and\nprotection policies and advise on which ones are best suited to your\ncircumstances.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Halifax,\n2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>2<\/sup>Strutt\n&amp; Parker, 2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>As a\nmortgage is secured against your home or property, it could be repossessed if\nyou do not keep up mortgage repayments.<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Last year house prices rose to new heights and the sales market was at its most active since 2007. Last year\u2019s property boom was fuelled by a desire for more space, a mismatch in supply and demand, and the temporary Stamp Duty holiday. Looking ahead, what trends will dominate the housing market in 2022? Strong [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4024,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/4023"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=4023"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/4023\/revisions"}],"predecessor-version":[{"id":4026,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/4023\/revisions\/4026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/4024"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=4023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=4023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=4023"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=4023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}