We're at 'Historic levels' for buying a house...
With house prices 2022 higher than ever recorded and the property market seeing an unpredictable 18-month boost, buyers hope to see a price drop soon to avoid paying over the odds for a home, there's speculation that prices could drop due to the cost of living crisis.
Despite severe economic uncertainty, the average asking price has surged by tens of thousands of pounds, many are now choosing to delay their dream of buying a home.
The latest figures have revealed that the value of property has risen so much, that the average UK home has now exceeded £250,000 for the first time.
Experts have conflicting views on what will happen next for the housing market...
"Demand continues to outweigh supply"
"The direction of house price growth remains up not down"
"The rate of house price growth is expected to slow later this year as incomes fail to keep up in a climate of record inflation and general cost increases"
"Any drop or tapering off in the market won't be as substantial as some people think"
"In high inflationary times with relatively low-interest rates, it makes sense to borrow."
Therefore some property experts argue now is an excellent time to buy if you can afford the inflated prices.
Good news most recently, annual house price inflation was down from 9% to 8.4% in March and Zoopla says that it is expected to fall to 3% by the end of the year!!!
Location and style of property demands have also changed since the pandemic:
How has the housing market changed in 2022? | Property blog
It's been more than two years since the pandemic began, bringing with it some pretty big shifts in the housing market.
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