After a record-breaking year on the housing market in the UK, experts are saying it has peaked and will now slightly cool. More homes were sold in the first half of 2021 than in any year since 2007, equating to 1.5 million completed house sales across the country.
Demand has been driven by people looking to move once lockdown was eased, as well as the government’s stamp duty holiday helped drive the housing market, despite the pandemic restrictions and financial uncertainty, reports the Guardian.
With remote working a more permeant fixture for many people, many families have wanted to move away from cities, driving the recovery of the country homes market, and many family-sized homes in the expanded London commuter belt going to sealed bids.
However, price growth peaked in the summer and will now start to stabilise as workers head back to the office, the new report by estate agents Hamptons reads, stating that house prices across the UK will end the year 4.5 per cent higher than at the start of 2021, but only 1.5 per cent higher in London.
The report forecasts price growth in the UK of 3.5 per cent in 2022, 3 per cent in 2023, and 2.5 per cent in 2024, equating to an increase of 13.5 per cent between the start of 2021 and the end of 2024.
Hamptons’ reports suggest that the north east of England will become the top performer over that period, with house price growth increasing by 6.5 per cent in 2021, and between 4 and 6 per cent a year until 2024.
Aneisha Beveridge, the head of research for Hamptons, said: “The housing market confounded expectations and forecasts in past months. Back in the autumn of 2020, such were the economic challenges being faced that we could not have envisaged the extraordinary demand for relocation which we have seen this year.”
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