2021 a record year with sales set to exceed highs of 2007 (1.5m)
and over £473bn of new sales agreed – £95bn higher than 2020. No sign of any cliff edge in demand. The impact of the pandemic on activity has further to run – albeit at a less frenetic pace.
Further room for above average price growth in most affordable housing markets where the current rate of growth is highest.
The primary headwinds in 2022 will come from higher living costs
and increased mortgage rates which will impact buying power.
UK house price growth to slow to +3% over 2022 with 1.2m sales.
House price growth will be greatest in the North West and East Midlands (+4%) and lowest in London (+2%).
The impact of the pandemic has further to run. The current momentum in the market will largely offset growing headwinds over 2022 with average UK house prices increasing by 3% and 1.2m sales.
