One in 16 privately owned homes in the UK will have changed hands this year
One in 16 privately owned homes in the UK will have changed hands this year, making 2021 the busiest market since 2007; the average house price is up +6.9% across the country and here in Yorkshire and Humber it’s up +7.8%.
These figures come from Zoopla in its latest House Price Index, published today (November 29th, 2021).
It predicts the rate of annual house price growth is set to moderate over the coming months and through into next year, although it expects prices to finish 2022 in positive territory at +3%. It forecasts 1.2 million transactions in 2022, down from 1.5 million this year, but in line with the average number of transactions of the last five years.
Zoopla says those wanting to move should get in touch with agents prior to the Christmas holiday period to ensure their home is ready to be listed at the start of 2022, in order to get ahead of the competition.
Its report says that new supply will begin to increase at the turn of the year as households use the holiday period to make their decision about moving house. In typical years, the very seasonal supply of homes that are listed for sale slows down in the run-up to Christmas, but increases sharply in the New Year.
So, if you are thinking of moving get your house ready for listing now.
The latest Zoopla report says:
• One in 16 privately owned homes will have changed hands in 2021, making it the busiest housing market since 2007.
• Average house prices are up +6.9% on the year, as pace of growth begins to ease.
• The average value of houses (from terraced to detached) are up +8.3% on the year, twice the five-year average of +4.2% growth.
• Average apartment values are up +1.6%, just above the five-year average of +1.2% annual growth.
• Total supply of homes is -42% down on the five-year average, but for houses, stock volumes are -55% lower.
• New supply will pick up pace in the New Year, easing some of the housing stock constraints.
If you would like to find out more about becoming a landlord sign up to Preston Baker's forthcoming free webinar 'Becoming a Landlord for the First Time' on Tuesday December 7th at 6pm. It will be filled with lots of useful information. Sign up now.
