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PROPERTY
A new year, a new market? UK house prices are rising at the fastest rate since the financial crash of 2008, but what does that mean for the UK housing market in 2022? Halifax reported a 9.8% increase in house prices during 2021, taking the average house price in the UK to a record high of £275,000. The South West saw a 10% increase in the average price of properties in the last 12 months, compared to the previous 12 months. Many factors fuelled the growth of the market, including the stamp duty holiday, cheap lending and an adjustment of buyers needs and priorities as a direct result of lockdown. Post-lockdown, many buyers soon realised they didn’t need to be located close to work, as they could work from home and that meant home could be somewhere altogether different. Many “City Folk” fled for an idyllic lifestyle in the country, whilst first-time buyers took advantage of low mortgage rates and a stamp duty saving to get themselves on the property ladder. Buying requirements changed almost
overnight from wanting the best possible commute to work to good outside space, a home office and highspeed internet. We also saw heightened demand for dual-occupation homes where families wanted to come together after being separated for what felt like a lifetime during the first lockdown. There is no doubt the coronavirus pandemic has been devastating to many and incredibly disruptive to others, this negative time did however have a silver lining. People’s priorities changed not only in what a home is to them or where they can work, but a heightened community spirit, a new-found respect and admiration for the NHS and perhaps above all, the realisation that family and friends took pole position on the list of priorities. The property market was a beneficiary of the pandemic for many of the reasons above and still stands strong today. Predictions of another crash have already been voiced but the fact of the matter is, there is still a serious lack of available property and
Luke Parle
whilst mortgage rates are low, demand strongly outweighs supply. With this in mind, I believe the market will see a steady increase throughout 2022 with values rising in every region. If you are considering a move or would simply like a current valuation of your property, then please do get in touch with us! By Luke Parle, partner, Manor & Hall Ltd.
MENDIP TIMES • FEBRUARY 2022 • PAGE 51
