Property website Rightmove is forecasting that there will be a rise of 5% in average house prices across the UK next year, with this being attributed to insufficient available homes to meet the demand.
While the company expects the average price of a home on the market to go up by 5% in most parts of the country, it is also predicting that certain areas will see even higher price rises of 7%. These include Yorkshire and the Humber, the South West and the West Midlands, while London is expected to witness a lower 3% rise in the average price of a house.
Speaking to Mortgage Introducer, the Property Data Director for Rightmove, Tim Bannister, said that the year and a half since the initial Covid-19 lockdown ended had seen a property market boom. He then went on to say that:
“The net result as we approach the start of the 2022 market is the lowest ever available stock of property for sale per estate agency branch, yet with ongoing high buyer demand.”
Bannister then suggested that 2022 may see more of the sort of situations witnessed this year, with multiple prospective homebuyers having to bid against each other for the small number of available homes to purchase. He concluded by saying that Rightmove was expecting slower rises in prices next year, as some people will be priced out of the market.
Using their CeMAP training course know-how to locate specialist mortgages may be necessary for advisors due to escalating prices.
