What are the UK housing market forecasts for 2022?
According to ‘Rightmove’, strong buyer demand will carry into the new year, but the ‘frenzied’ market of Covid pandemic is set to ease as more owners look to sell.
The property website said that following a “frenzied” 18 months, the market was heading for a less frantic period, with a more even balance between buyers and sellers as more homes are put up for sale, and higher interest rates take some of the heat out of buyer demand.
On the one hand, Rightmove says that the market could ease up a little on first-time buyers. On the other hand, it predicted that gross mortgage lending would peak this year at £316bn – up 31% in 2020 – then fall back to £281bn in 2022 before increasing to £313bn in 2023.