New Year Demand for Property – 28/01/2022

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The demand for property increased by 49% in January 2022 according to property giant Zoopla – which is the largest New Year increase in 5 years. This demand was for all property types and you can have a read of their House Price Index here.

This increase in buyers is on par with the increased levels of interest seen during the Stamp Duty Holiday – the sudden rise in activity has seen the average price of a UK home increase to £242,000 compared to the £216,500 that was recorded this time last year. Property rises rose by 7.4% during 2021, with the price of terraced, semi-detached and detached houses rising by 8.8% to an average of £289,000. The cost of flats increased by only 2.2% to an average of £175,000.

Buyer demand increased particularly for 3-bedroom homes outside London – 4x higher than the 5-year average. The number of homes on the market is still 44% below the 5-year average though this is an improvement from when it was 47% down at the end of 2021.

3-bedroom houses are at the top of both supply and demand, with 2-bedroom flats being the second most available property and 2-bedrrom houses being the second most in-demand.

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