Published: 25/01/2022 By Stevenson Coward PropertyWe're sure you will be aware that the property market has been somewhat a bit of a frenzy which has lead to a record high in the current house prices. Due to this I often get asked what will happen to prices in the new year and f they are likely to come down. This is a very difficult question to answer but the leading property experts have made their predictions.
Rightmove has predicted that during 2022 prices will increase by another 5% despite the small drop in prices that we have seen this month, albeit a seasonal drop that happens this time of year. They are predicting this based on the number of buyers still looking for their next home along with the lack of properties available to purchase.
Meanwhile The Office of Budget Responsibility have suggested that house prices have gone up this year by 8.6% and will continue to rise in 2022 by 3.2%. They have also suggested that house prices will then continue to rise for the following 4 years.
Due to the recent updates and predictions we are expecting a busy January with new houses coming onto the market but also lots of new buyers looking for their dream home.
We are already taking bookings for valuations in 2022 so if you would like an updated valuation on your property then please get in touch or book on the link below.