If anything, in many areas there was a major boom to this industry for a variety of reasons. From tax exemptions to people being at home more often realising that their home doesn’t work for them, people were ready to jump into a new (or their first) home.
Experts believed that this would only be a short-term boom, but 2021 also seemed to benefit from the pandemic housing boost. However, it is believed that with 2022 comes a more normalised housing market in the South East.
Here are some statistics and facts for you to understand about the current property market in the South East:
£459k is the average asking price for property in the South East.
Property prices are around 9.5% higher than they were just a year ago and comes out to the highest growth rate annually since 2014.
Property listings, when compared to just last year during the same period, are up 11%.
Number of inquiries by potential buyers have increased by 16% when compared to last year.
Property values have been changing around 1.8% monthly.
It takes an average of 44 days to sell.
Amount of people asking for property valuations is up by 11%.
There are a few things that you can learn from these statistics. First of all, there is still a fear that both sellers and buyers have of missing out on the current boom to the property market. You can also see that there is still a boost that you can notice right now, which doesn’t appear to be going away quite yet.
2020 and 2021 were big years in the property market, but is this a boost that you can expect to continue in 2022?
According to experts, no. The Stamp Duty holiday, which created the tax exemptions with properties, and the decision by the Bank of England to create hikes to the Base Rate of Interest are expected to impact the property market.
There may not be a completely cool market, but one that has significantly cooled off since the initial rush to buy property. Add in that the demand for buying property has slowed down, this market should start normalising during 2022.
The property market has seen a boom since the pandemic. This is a boost that occurred during a time when many other industries were struggling as a result of the pandemic. One of the biggest drivers of this was the Stamp Duty holiday, which did recently expire.
This was added incentive for people to buy their first home or to take the plunge and purchase a new home that better meets their needs. People realised while spending a lot of time at home that maybe their space didn’t work as well for them as they would have hoped. However, things are expected to level off in the property market as 2022 continues on.
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