January to bring further rise in house prices

January 8, 2022 by Heidi

House Prices

New figures from Reallymoving suggest that January and February will bring further rises in the average price of a home across Wales and England, due to completed transactions from last year.

Reallymoving is forecasting a rise of 2.5% in the average UK house price for January, followed by a 0.2% increase for February. It is basing this prediction on completed transactions data from November and October 2021, which saw houses sold for higher prices due to a lack of new homes to buy coming onto the market.

The data that the price comparison company collates to look at upcoming house prices is taken from the prices that buyers pay for homes when they visit Reallymoving to find quotes for the conveyancing. Thus, the higher prices paid during the autumn of 2021 are expected to have a knock-on effect on house prices at the start of 2022.

Speaking to Financial Reporter, the Reallymoving CEO Rob Houghton said that the prices paid due to the shortage of available homes meant that further growth in prices was guaranteed in the early part of the New Year. He then went on to add that:

“Rising borrowing costs will impact the affordability of first-time buyers coming to market and those in a position to buy soon may be more tempted to press ahead and secure a fixed rate deal as quickly as possible.”

A mortgage advisor with full CeMAP training is a suitable choice for those who need to quickly find a fixed-rate loan to suit them.