Jan
24

A look back at the housing market 2021

The ‘House Price Watch Dec 2021’ published by HomeOwners Alliance described 2021 as “…an extraordinary year for the housing market”, and when you look at how house price trends have been reversed in various parts of the UK, it explains why. It comes as no surprise to say that house prices in the UK have risen by 10 per cent on the previous year, making the average house price £270,708. A highly active market helped push up prices while demand was outstripping supply. RICS figures indicated buyer enquiries increased by 13 per cent, and seller enquiries decreased by 18 per cent. People choosing to move out of cities to benefit from more green space saw London prices increase by the lowest amount of 5.10 per cent over the year, but much stronger areas were the South West, East of England and Wales, where all regions saw a rise in prices of over 12 per cent. However, London still maintains the highest average house price of around £500,000. Newcastle and Glasgow have the lowest average house price of just under £140,000. Experts at the Halifax said: “The housing market defied expectations in 2021. We saw the average house price reach new record highs on eight occasions….” Which? also gives an interesting take on the housing market with some useful graphs showing trends in the market and some predictions for 2022-2023.