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UK house price boom – will the upward trend continue?

Last year saw a substantial increase in house prices. A new study has shown that the UK housing market has surpassed many other countries, in part due to some buyers amassing savings during lockdown.

According to Knight Frank’s global house prices index the value of homes across 56 countries and territories increased by 9.4 per cent on average – with 96 per cent of all markets enjoying positive price growth.

The UK ranked at 21 out of 56 markets, registering 11.8 per cent nominal annual growth and eight per cent in real terms, adjusted for inflation.

The latest figures from the national estate agency is not far off the Office for National Statistics’ own data in the UK House Price Index. According to the latest figures from October, the annual rate of house price inflation was 10.2 per cent, with the average home costing £268,000.

With such a strong upward trend in property prices in the UK, are further increases anticipated in 2022?

One new obstacle, which may lie in the way of homeownership or investment for some, is the Bank of England’s decisions to raise UK interest rates to 0.25 per cent in December and further to 0.5 per cent earlier this month.

The initial result of the rises was that tracker mortgage rates increased, making mortgages dearer for customers with standard variable rate home loans.

The rate rises are also likely to mean higher initial rates for those seeking a new fixed-rate mortgage, which may be off-putting for some purchasers.

Nevertheless, much of the recent boom in property prices has been driven by supply versus demand rather than any other factor.

The UK only has a limited supply of housing and the speed at which new homes are being built, especially at the lower end of the market, will mean that sellers can continue to ask more for their properties.

This is particularly true in areas of high demand with good transport links, schools and other amenities. Meanwhile, with many people moving to a work from home or flexible model of working, commuting distance may be less of an issue for some people, meaning that rural areas are favoured, pushing up prices in these regions.

Those who are planning to move in 2022 are advised to do the preliminary work, including finding a suitable conveyancing solicitor before putting in an offer so that delays are kept to a minimum.

Mander Hadley offer buyers and sellers an online Conveyancing Portal to make obtaining a quotation quicker and easier.

Jackie Prior, Mander Hadley’s Associate Director, who heads up our residential property team, explained: “The portal includes a price calculator which provides an instant estimate of our conveyancing fees and the charges payable to third parties.

“Clients can instruct us online at the click of a button at any time of the day or night. As always, our dedicated conveyancing team will be available to assist throughout your transaction.”

You can check out the Conveyancing Portal here or for help and advice please contact us and we can arrange for a member of the team to get in touch.

Mander Hadley

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