The race for space and government intervention upended experts' predictions for the last two years, but with the experience gained, what do they think will happen this time around? Thoughts from JLL and Savills.
Record levels of activity, driven by high demand and stamp duty holidays, have pushed The rate of price rises to their highest level since 2006. Property services giants JLL and Savills offer their thoughts on what might lie ahead over the coming years
Both believe that the current momentum will carry over into the new year. The high level of mortgage approvals in Q4 supports this view and Zoopla reports that demand is currently running at 20% more than the five year average. The overall consensus is that activity will continue to be high, but less frantic than the last twelve months.
Five year forecasts
UK house price growth over the past 12 months has been the highest since before the Global Financial Crisis.
There will be less urgency in the market from 2022.
Similar price rises for 2022 are being forecast by other commentators. The Royal Institute of Charters Surveyors suggests between 3% and 5%, CBRE 4%. The biggest portal, Rightmove comes in at 5% and competitor Zoopla at 3% overall, but higher in Northern England and the Midlands.