Despite concerns of a decrease in buyer demand as we entered 2022, the UK property market has displayed an incredibly healthy level of both buyer and tenant demand throughout the first month of the year, with the property price index across the country rising by 11.2% in January alone – surpassing the expectations of economists, globally.
Rising at the fastest rate in January of the last 17 years according to the Nationwide House Price Index, UK property prices have maintained a high level of demand in all sectors, with economists reporting support from the strong labour market the UK is currently experiencing. Robert Gardner, Chief Economist at Nationwide, stated that “housing demand has remained robust” throughout the start to the new year, and demand is continuing to outstrip the “extremely low” level of supply currently available for buyers.
Rhys Schofield, Managing Director at Peak Mortgages and Protection also claimed that January was “by far and away our busiest month ever, with demand for property and mortgages through the roof”.
According to data provided by Nationwide, UK house prices on average have risen a staggering 18% (£40,000) over the last two years, compared to the meek 1.9% increase in the two years prior, and the “tsunami-like house price growth” of the previous two years shows “no signs of slowing” according to Guy Harrington, Chief Executive of the residential lender, Glenhawk.
To capitalise on the increasing strength of the UK property market, get in touch with one of our expert property consultants today.