UK home prices closed the year with record highs. Nationally, the annual increase in house prices rose from 10.0% in November to 10.4% in December, and 2021 was the strongest calendar year for house prices to rise since 2006, he said. The cost of a typical UK home has risen nearly £ 24,000 annually to a record high of £ 254,822. Wales was the strongest of the year, and London was the weakest.
“Demand has remained strong for the past few months despite the end of the stamp duty holiday at the end of September. Despite a surge in activity earlier this year, home purchase mortgage approvals are at pre-pandemic levels. It remained above. The total number of real estate transactions in the first 11 months of 2021 increased by almost 30% over the same period in 2019, “explains Federal Chief Economist Robert Gardner. Wales concludes this year as the region with the highest performance, with home prices rising 15.8% year on year.
Price Growth Impact
Let us now look at the impact of price growth via an estate agent in London. Northern Ireland’s price growth rate has remained high at 12.1%, the most vital end of the year in the region since 2007. The annual rate of increase in home prices in Scotland was 10.1%, while in England, the yearly rate of growth in house prices increased slightly from 8.5% to 9.0%. Third quarter-cent. There was a slowdown in northern England (North, Northwest, Yorkshire & Humberside, East Midlands, West Midlands), but annual price increases in southern England (London, Outer Metropolitan, Outer South East, East Anglia, South).
It continued to exceed the limit. Southwestern was England’s highest performing region with an annual price increase of 11.5%. So, this is the most significant increase in the area since 2004. London once again showed the worst performance with a yearly growth rate of 4.2%. The table below shows that London was the only UK region with a lower annual price increase in 2021 than in 2020. The northwest recorded the most substantial growth in any area of northern England, with yearly prices rising 11.2 per cent.
Omicron Alert
Jeremy Reef, a real estate agent in North London and former chairman of the RICS shared apartment, said for 2022:
“The same can be seen at the sharp end, including the preparatory period until Christmas. The Omicron case increased, and inflation and interest rates slowed activity, but there were no major corrections.” Further Covid restrictions only further increase the need to catch up. However, supply shortages continue to hinder momentum as sellers tend to be more likely to see off than buyers.
Most buyers say the choice of home is ‘love at first sight.’
Almost exactly two-thirds of the buyers surveyed by Savills said their choice of home was “love at first sight.” Another 12% said they needed at least three views, and 10% required to know that there were competing bidders to make it clear that the property was “one.” It states. This poll of over 3,000 people will take place when Savills launches a major new integrated advertising campaign to celebrate people’s relationships with homes.
High Buyers Demand
Savills describes the campaign, the third part of the company’s promotional series, first published in 2017, to help agencies understand the emotional aspects of the movement and the need for expert advice. Increase. According to a Savills survey, more than half of buyers call their home a “shelter.” Obtaining parental and friend consent was a low priority for residents. Almost half said they trust their judgment when buying or renting an apartment.
Hits on the Savills website have traditionally increased by at least 40% the week after Christmas. Therefore, the new campaign is aimed at buyers, sellers, and lessors who are considering moving as soon as they start planning. The findings highlight that many Britons usually experience this when choosing a new home. This is an important decision, and it is vital to make it. Andrew Perat, Head of Rural Housing in Savills, commented.
“We are heading to 2022, and the demand for buyers is very high, more than double this time of year, which is a vast number of people moving to new homes and falling in love. It suggests that many are about to do so.” So, prime central London properties will face a boom.
