The property market continues to ride the wave as we head to the end of 2021. Although softening, demand remains stronger than a year ago. Sales volumes to date in 2021 are 16% above the 5-year average (Zoopla).
Despite rising inflation and likely interest rate rises, the latest forecasts from the Office for Budget Responsibility predict price growth will continue, albeit at a more sustainable level, through to 2026.
Property prices are predicted to rise by 3.2% during 2022, and there is now no sign in the forecasts of prices falling.
Sales volumes may well eclipse 2007 by the year end with sales in the region of 1.3 million in 2022/23, 8% higher than the longer term average (2015/16 to 2019/2020). Source: Dataloft, OBR, Zoopla, HMRC