The property market has continued on its upward trajectory with, what appears to be, only limited impacts from the removal of Government stamp duty incentives. It has now been forecast and reported on by The Guardian that house prices are expected to rise by up to 3.5% p.a. between 2022 and 2024. This is further good news for developers looking to start new projects as well as investors looking to add to their portfolios.
It has also been reported that the estate agent Hamptons has predicted that more homes will be sold during 2021 than at any time before 2007 as a result of a record number of sales during the pandemic. This volume of transactions looks to continue throughout 2022 and beyond if the growth predictions are to be correct.
However, during July, the Office for National Statistics reported that the average UK house price fell by £10,000 in July when compared with the previous month. Despite this, the data shows that the annual price growth for the proceeding year still remained at 8% as many rushed to complete purchases before the stamp duty holiday deadline on 30 June.
Overall, it appears that the forecasts are positive for house prices as the economy hopefully continues to grow and we return back to a sense of normality.
Our team is on-hand to support borrowers with their development projects and investors with short-term finance across bridging and refurbishment loans. If you have a project you need support with please email us at [email protected]