If you are looking to buy your first house, or move in 2022 you will be wondering “Is 2022 a good year to buy a house?” We take a look at some predictions for the property market in 2022.
2021 saw a very competitive property market with homes snapped up quickly and for their asking price – however we’re seeing more and more properties land on the market which means the competition should slowly ease. However, what does this mean for the house prices in 2022?
There is still a shortage of properties landing on the market, and more buyers looking to move – which means prices are likely to keep rising. However, January is always a busy period for people to make decisions and put their homes on the market – some of the off-market homes may also become available in 2022 which can all slow down the price growth of homes. If you are looking to buy in 2022, there will be good mortgage availability as well as more homes to choose from.
According to Rightmove the most sought after regions include Scotland, West Midlands, South West and Yorkshire and the Humber – these areas are predicted to see the most growth in property prices in 2022. As for London, prices haven’t risen much in 2021 so it’s likely there won’t be much growth in 2022. There are, of course, areas of high interest who will see prices go up a little higher – it all depends on your budget and what you are looking for.
So, is 2022 a good time to buy a house? With more stock coming to the market and prices seeming to slow down a little, it is a good idea to start thinking about putting your house on the market – of off market, if you’re not quite ready to move immediately but would like to gauge the demand on your house.