2021 Busiest Property Market Year in Over Twenty Years
Leading UK property portal, Rightmove, recorded / predicted 2021 as the property markets’ busiest year in over twenty years.
Even with the uncertainty of Covid-19 variants and pressures of the pandemic, the market remained robust, and house prices exceeded expectations throughout last year.
Looking at the previous 12 months, UK house prices increased by 10% on average, the highest growth in 15 years.
As pandemic restrictions come to an end, we can only assume that prices will continue to soar into the first half of 2022.
Rightmove forecast strong demand and predict that the UK property market will boom after the busiest year in the site’s 21-year history, despite high inflation rates.
The property site stated, ‘this will be helped by firm house prices in an undersupplied market and the UK removing all pandemic restrictions.’
As the market normalises, Rightmove expects the number of transactions to return to pre-pandemic levels, and house prices will stabilise towards the end of the year before even further growth is expected by 2026 according to Savills predictions.
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2022: Property Predictions for the Future
UK property prices started strong in 2022, as the Nationwide house price index revealed that annual growth had risen to 11.2%, the strongest start to the year for 17 years.
According to Nationwide building society, the average price of a home hit £255,556 in January, proving that housing demand remained strong as we entered the new year.
Rightmove backs the positive outlook on the UK’s property market as their data displayed that asking prices rose by 9.5% in February when compared year on year.
This is the highest annual rate of growth since September 2014.
Stats showed the average asking prices increased by £7,785 last month, reaching a record of £348,804, the largest monthly increase recorded by Rightmove in over twenty years.
As it stands, with house prices continuing to rise, rent is also increasing. This is excellent news for landlords with rental properties or for those looking to invest in buy to let property.
All UK regions saw an increase in rental value at the start of 2022, with the North West offering returns of over 7% on average.
Liverpool and Manchester, in particular, are the current hotspots to invest in, not just for their competitive house prices, but they’re one of the more affordable and desirable places for people to live and rent which boosts rental demand in the areas.
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Read our other recent property news blogs to stay updated on topics such as the rising demand for new build properties and what this means for investors, and how the North West boasts the best value rental costs.
For the latest on the UK property market in 2024, take a look at our updated investment guides.
Rightmove Predicts UK Property Market Boom Following a Record-Breaking Year in 2021
