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Hamptons estate agents have predicted a rise in property prices over the next three years, with a change in lifestyle due to the pandemic attributed to a continued demand for greater living space. The property experts said it expects to see a record number of homes sold this year compared to any year since 2007.
With the pandemic expected to dictate working arrangements for the foreseeable future, people are likely to move more frequently compared to before the pandemic, according to Hamptons.
The property experts have predicted the house price growth in the UK to rise by 3.5 percent in 2022, followed by three percent in 2023 and 2.5 percent in 2024.
The forecast indicates a 13.5 percent increase in price growth between 2021 and 2024.
Homes in the northeast of England are expected to see house prices rise in 2021, followed by an increase of four percent in 2022 and a rise of six percent between 2022 and 2024.
In stark contrast, property prices in London are expected to rise by just 1.5 percent this year and one percent in 2022, according to Hamptons.
Research has found flexible working arrangements and limited finances have influenced people’s decisions to leave the capital and move elsewhere in the UK.
High demand in the housing market over the summer period has been branded as a “peak house price growth” by Hamptons.
Data published in Rightmove’s House Price Index earlier this month stated that the rate of buyer demand per property had risen by 50 percent compared to the same period before the pandemic.
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The data also showed house prices in the UK had reached a record high.
The average property now sells for £338,462, with prices having risen by 0.3 percent, or £1,091, since July.
High demand in the housing market prompted Tim Bannister, Director of Property Data at Rightmove, to highlight the need for people to have “greater buying power”.
Hamptons expect to see house prices begin to fall over the coming months, however, at the end of the year the average house price in the UK is predicted to exceed property prices in 2020 by 4.5 percent.
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Among the factors attributed to the rise in price growth is the demand for more living space as an unprecedented number of people have worked from home during the pandemic.
Demand for more space is expected to continue for some time.
Rightmove had noted a “stabilisation” in house prices due to a range of factors including a reduction in the stamp duty tax scheme and limited buyer affordability.
According to data published by the Office for National Statistics, the price of an average home in the UK decreased by £10,000 in July compared to the previous month.
Despite the price drop, however, an annual price growth of eight percent had been recorded.
Data showed house sales fell by almost two thirds in July, shortly after the stamp duty tax holiday scheme was reduced.
At the beginning of September, Rightmove reported a 14 percent rise in the number of new sellers emerging onto the housing market.
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