High demand for UK property

The annual growth in UK house prices remains solid, multiple media reports have revealed. An average of independent forecasters expect prices for homes in the United Kingdom will end the year 5.8% higher than where they started, with price growth of 3.9% predicted for 2022.

The Index from data-driven research consultancy Dataloft show the demand for property in September was 12% higher year on year, with few signs of any significant drop off as we slide into Autumn. Industry reports suggests that the annual price growth of 8.3% in the prime property markets of England and Wales has pushed the average price of a prime property to over £1.15 million.

Contrary to market expectations, there is little sign of any substantial change to the shortage of supply that has beset the market since the start of the year and figures from the UK-based professional body for surveyors RICS, stock levels per agent remain historically low.

Speaking to Today’s Conveyancer, Nicky Stevenson, MD of Fine & Country UK outlined that the demand for homes in the UK remains high while supply continues to be constrained.

“There is little sign of any substantial change to the shortage of supply that has beset the market since the start of the year. According to RICS, stock levels per agent remain historically low. Zoopla have reported that compared to 2020, the year-to-date volume of homes for sale is 28% lower and the flow of new supply some 5% lower. Home movers who have already sold subject to contract, cash purchasers and first-time buyers are in the best position to benefit from such a competitive marketplace.”

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. SSIL does not guarantee the accuracy, legality, completeness, reliability of the information and or for that of subsequent links and shall not be held responsible for any action taken based on the published information.