According to a report in The Guardian Newspaper published on the 1st February 2022, britain’s housing market has made its strongest start to a year since 2005, with annual house price growth rising to 11.2%, according to the UK’s biggest building society.
The Nationwide building society stated that the average price of a home hit £255,556 in January, the sixth consecutive monthly increase. The annual growth rate accelerated 0.8 percentage points from 10.4% the previous month, reaching its highest level since June.
Robert Gardner, Nationwide’s chief economist, said: “Housing demand has remained robust. Mortgage approvals for house purchase have continued to run slightly above pre-pandemic levels despite the surge in activity in 2021 because of the stamp duty holiday, which encouraged buyers to bring forward their transactions to avoid additional tax.
“Indeed, the total number of property transactions in 2021 was the highest since 2007 and around 25% higher than in 2019, before the pandemic struck. At the same time, the stock of homes on estate agents’ books has remained extremely low, which is contributing to the continued robust pace of house price growth.”
House prices grew 11.2% in January over the previous year.
Guy Gittins, the chief executive of the London-based estate agent Chesterton’s, expects the London market to remain at high activity levels in the first half of this year.
“For many, 2022 feels like a new chapter and house hunters have been eager to begin the new year in a new home. Following on from a busier than usual December, London’s property market has continued to see record numbers of buyers registering throughout January.
“While spacious properties or homes with an outside space remain sought-after, apartments in some of London’s more central boroughs are experiencing a steady comeback. This is particularly driven by professionals who are returning to the office and are seeking a nearby home as well as international investors and students.”
According to Global Investments Incorporated who specialise in selling ready and off plan investment property to overseas buyers January has been busiest ever start to any year.
Global investments sales in Liverpool and Manchester have been at their strongest with investors confident in seeing price rises as predicted by Savills of around 28% in the next five years in the Northwest and the higher rental returns than seen in the south of England.
To arrange a private investment property consultation with one of our specialist UK property investment consultants please get in touch.
invest@globalinvestmentsincorporated.com
