2022 has undoubtedly been an interesting year, with the mainstream media being awash with tales of difficult economic conditions and tight budgets.
And yet, the UK property market continues its meteoric climb, delivering both growing prices and demand.
Across the United Kingdom, average prices have been growing steadily, with February delivering national average price growth of 8.1%.
A recent report from Zoopla, one of the largest online property portals, has indicated that by the start of March, UK average house prices reached £245,200, with North West region hosting some of the strongest figures.
Liverpool, in particular, has seen incredible growth, with the city achieving the best result out of the 20 cities tracked in the report, with prices increasing 10.3% year-over-year up to an average of £143,800 – Liverpool property investment has never been more attractive.
With a 3.2% yearly increase and an average property price of £508,500, London had the slowest annual price growth rate of any area and the second-lowest growth.
“Demand is strongest for family houses, indicating a continued appetite for additional internal and external space,” Zoopla, head of research Gráinne Gilmore said. “But demand is up across nearly all property types, indicating that those thinking of moving are in a strong position to sell.”
While the number of new developments launching to market is expected to rise by 5% over the next five-year period, market conditions remain overwhelmingly favourable to sellers, with demand being 65% higher than current supplies.
“The increased economic headwinds, including the rising cost of living and increasing mortgage rates, means property price growth may start to moderate as we move through the second half of 2022,” Ms Gilmore wrote.
“Given the uptick in new listings of homes for sale, there is now a wider choice of homes for movers and all buyers,” Ms Gilmore added.
With city-centre property still leading the way in terms of online enquires for new build accommodation, it’s clear that developers are like to struggle long into 2023.