House prices could increase by up to 3.5% annually between 2022 and 2024.
Historic house prices have been reached in 2021, but the race-for-space will continue for years to come.
According to one forecast, the second wave of demand for more space will continue to drive up house prices in Britain, with values increasing by as much as 3.5% annually between 2022 and 2024.
The Hamptons realtor also predicted that more homes would be sold in 2021 than in any year since 2007, after a record spike in activity this year as families searched for larger homes after the pandemic.
Hamptons believes that the summer of 2021 marked”the “peak of house price g”growth” and expects growth to slow down in the coming months so that this year would end up with average prices in Britain 4.5% higher than at the end of 2020.
However, one of the factors widely credited with contributing to stronger-than-expected price growth during the pandemic” is a “race for space” that has seen many buyers prioritize properties with more extensive gardens and more space to work from home. You could settle down to continue for some time.
Official house price figures, plus data from some commentators, indicated that the market had cooled after the partial end of the stamp tax holiday in England and Northern Ireland this summer.
According to the ONS, prices continue to rise.
According to the most recent data from the Office for National Statistics, the median house price in the UK fell £ 10,000 in July compared to the previous month, although their figures showed that annual price growth was still 8 %. Many home buyers rushed to complete their purchases before the critical stamp tax holiday deadline on June 30, and official data showed that sales fell nearly two-thirds in July.
However, some more recent data has suggested that the market continues to boom, despite the threshold at which the stamp duty begins reverting to its pre-pandemic level of £ 125,000 on October 1.
Halifax, one of the nation’s largest mortgage lenders, said that the median cost of a property increased 0.7% in August; rival lender Nationwide put the monthly increase in August at 2.1%, the second-highest in 15 years.
According to the Hamptons, flexible and remote working and other Covid-induced changes mean that households will move houses more frequently than during pre-pandemic times. He is forecasting price growth for Great Britain of 3.5% in 2022, 3% in 2023 and then 2.5% in 2024. That would mean a 13.5% increase between the start of 2021 and the end of 2024.
The real estate agency predicts North East England will perform the best over the period, with property values rising 6.5% this year and then 4-6% annually between 2022 and 2024.
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