As we near the end of 2021 and prepare to welcome the new year, a number of property market trends are already beginning to emerge. By familiarising yourself with how the property market is likely to perform ahead of time, it can have a dramatic impact on your approach to buying and selling in the coming months and may even convince you to speed up or delay the entire process from start to finish. Continue reading to find out how the property market is likely to fluctuate as we near 2022.
How has the property market performed in 2021 so far?
2021 has seen one of the highest demands for property in recent decades. This is largely due to a number of government initiatives that were implemented this year, such as the tax holiday on stamp duty and multiple first-time buyer schemes, resulting in higher average property prices for homeowners up and down the country. For example, the average purchase price of a property in the UK in August this year stood at a record-breaking £262,954, a staggering 0.7% rise from just a month earlier.
Which property market trends are beginning to emerge?
By analysing the property market in 2021, we can begin to predict which trends are likely to emerge as we enter 2022. As this year has proven to be something of an anomaly when it comes to property prices, inflation, and demand, 2022 is set to see these factors slow into the new year and beyond. This may be a gradual process, however, with first-time buyers that spent the pandemic saving enough for a deposit seizing their opportunity to purchase a property and homeowners putting their property on the market undeterred by a lack of restrictions that have prevented them from doing so in the past couple of years.
Should you put your property on the market now?
If you are considering putting your property on the market now, you may be wondering if you should bite the bullet or wait a little while longer. It may benefit you to hold off for a number of reasons. For example, homeowners are less likely to be on the hunt for a new property as the most expensive time of the year approaches and the property market is still recovering from a turbulent year. In today’s economic climate, it is more important than ever before to ensure you have made the right decision with a property one of the largest financial investments you will ever make.
How can MM Legal help?
If you are looking for assistance or guidance with buying or selling a property for the first time or as an experienced homeowner or just have a niggling question or query you require the answer to, get in touch to talk to a member of our expert team of solicitors today. They will guide you through the process from start to finish and ensure you are equipped with the tools and information you need to make the right decision for you.