Property prices rose by 10% in 2021, but what are the chances of seeing a similar rise this year?
The housing market is expected to settle down in the coming months as prices have been surging for a year.
Last year, the market soared as the government temporarily reduced stamp duty. Although the biggest savings of up to £15,000 ended on 30 June, buyers in England and Northern Ireland were able to save up to £2,500 if they purchased a home before the end of September.
In 2021, mortgage rates steadily fell as lenders strove to offer the best deals to buyers with large deposits – but that’s now changing. The Bank of England has increased the base rate twice in recent months, resulting in rising interest rates. The good news is that there are still plenty of attractive rates available.
The property market has been enjoying a great deal of optimism of late, with an imbalance between supply and demand making properties sell faster than ever. In December, Rightmove found the average time to close a sale was 39 days, the shortest time since the outbreak of the pandemic. I hope you were able to take advantage of this.
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