2022 UK housing market predictions: what changes can we expect to the property sector in the next year?
- Credit: Dales & Peaks
2021 was a year for changes and surprises in the property market. Will 2022 be the same?
“Without a doubt the last two years have seen some significant developments in the housing market thanks to Covid-19, new home working routines and stamp duty changes,” says Tom Currey, from Dales & Peaks Estate Agents in Chesterfield.
“As we enter the new year, it seems likely that we’ll embrace even more changes in the coming months, though I feel hopeful about the property market.”
To help you get a sense of what’s around the corner, Tom shares his thoughts on what he believes will happen in the housing industry in 2022.
Q: What impact will the new Omicron strain have on the property market in 2022?
A: I don’t think that the situation will slow down the number of buyers interested in moving and I believe demand for homes will remain high. January is always a steady month for us. Spring always welcomes a fresh bout of people looking to sell or buy, as it’s the perfect time for a fresh start.
Adept as we have become at functioning through lockdowns, completing valuations and tours online, I think even if we are to face tighter coronavirus restrictions that it won’t interrupt or slow down the property market.
Q: Do you think house prices will continue to rise?
A: With demand for housing remaining high, I expect we shall continue to see property prices increase, though perhaps not as dramatically as in 2021. We have had many people requesting valuations for their homes to help them get a better idea of what they can sell for and decide if now is the best time for them to move.
It’s also possible that we will see a rise in rent prices throughout the country. People that couldn’t purchase property in recent months are now temporarily renting while they await finding a suitable home on the market. This means demand for rental properties in many rural areas has also increased, and higher living costs has meant many landlords have needed to up their monthly rent.
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Q: Will we continue to see an increase in the number of people moving to rural areas?
A: I think so. The home-working revolution isn’t likely to go anywhere quickly and a lot of people are using this as a chance to move house. As they are no longer confined by the restraints of needing to stay near an office, they can explore properties in the countryside that offer a better work-life balance and larger outdoor spaces.
The changes that we’ve seen brought about during Covid-19 have altered people’s lifestyles and has left many reconsidering their property needs. This has been an enormous driving force for the demand we’ve seen from buyers.
According to Rightmove, Scotland, the West Midlands, the south west and Yorkshire are four areas buyers are currently interested in. Redevelopment and regeneration have been rife throughout the north west, and with many companies relocating and investing in the region, it’s become a more desirable and dynamic place to live. I think we’ll continue to see the housing activity here flourish over the next 12 months.
Q: What effect do you think the UK’s updated climate change aims will have on the housing industry?
A: Following the events and decisions made at COP26, there’s a lot of focus on how the UK can improve their 2030 targets to reduce carbon emissions.
The government has proposed that all rental properties will need an EPC rating of ‘C’ or above by 2025. This means a lot of landlords will be focused on how to improve the energy efficiency of their property. Rising energy bills, and increased interest in doing our part for the planet, will also encourage more homeowners to do the same.
I expect buyers will ask more questions about the property’s energy performance, and that will factor into their decision to purchase a home. Sellers should consider this before placing their house on the market and seek help from a local estate agent to suggest ways they can lower their carbon footprint.
Q: How do you expect these changes to affect Derbyshire and the Peak District’s property market?
A: I envision that the local property market will remain healthy and prosperous throughout 2022. Both locations provide stunning scenery, ample outdoor space and a mix of property styles to choose from. Derbyshire and the Peak District meet a lot of the requirements that many buyers are currently searching for.
I predict that we’ll receive many enquiries from individuals living outside the region in urban areas, interested in learning about the county and that are considering moving here.
My advice to anyone looking to buy property in a new town or district is to get in touch with a local estate agent, as they can provide key knowledge and insight into the local area. They will help you find exactly what you are looking for.
Dales & Peaks is an independent, family-owned estate agent based in Chesterfield, dedicated to providing a professional, personal and modern approach to property marketing to help you find your dream home.
For more information about buying, renting or selling in Derbyshire or the Peak District, visit dalesandpeaks.co.uk or call 01246 567540.