2021 Property Market Overview – Strong Demand and Predicted Price Growth
- The property market continues to ride the wave as we head to the end of 2021. Although softening, demand remains stronger than a year ago. Sales volumes to date in 2021 are 16% above the 5-year average (Zoopla).
- Despite rising inflation and likely interest rate rises, the latest forecasts from the Office for Budget Responsibility predict price growth will continue, albeit at a more sustainable level, through to 2026.
- Property prices are predicted to rise by 3.2% during 2022, and there is now no sign in the forecasts of prices falling.
- Sales volumes may well eclipse 2007 by the year end with sales in the region of 1.3 million in 2022/23, 8% higher than the longer term average (2015/16 to 2019/2020). Source: Dataloft, OBR, Zoopla, HMRC
Source: Dataloft Inform