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Robert Irving Burns

Moving Home in 2022: What to Expect

January 15, 2022    |   Robert Irving Burns

Are you considering moving home in 2022? If so, you must know the latest trends affecting the UK housing market. Factors like housing availability, rising house prices and demand for flats can impact your move. So, knowing what to expect can help you plan a successful move.

The trends in the housing market in 2022 are like none other. For two years since the Covid-19 outbreak, the market was virtually stagnant. Then toward the end of 2021, the market went into a frenzy as home buyers took advantage of the freeze on stamp duty. This resulted in record-high house prices because levels of buyer demand outstripped supply.

What can you expect in 2022 if you decide to buy a home? Will the pent-up demand from buyers signal a return to normal?

For the first time in several years, record levels of home buyers are expected to be searching for their ideal property. Therefore, to assist you in your search, we have compiled a list of the key things to expect from the property market.

A closer to ‘normal’ market

There’s no doubt that the housing market in 2021 was far from ‘normal’. From stamp duty freezes to higher demand vs supply, the market over the last 18 months has been a frenzied one.

This is all set to change in 2022, where we could see some return to normality in the housing market. Demand will still be high and the market will be busy but not on the same level as we saw in 2021. This means if you’re ready to buy, start looking and viewing properties now before they are snapped up.

2022 will continue to be a seller’s market

In 2021, there was more demand for homes than supply, leading to a seller’s market. It looks that this trend will continue well into 2022. Therefore, if you decide to sell, you should have no difficulty attracting prospective buyers. However, it’s important to remember that it remains a competitive market.

So, if you see a home you like at the right asking price, it’s advisable to arrange a viewing as soon as possible. This is because housing prices will continue to rise throughout the year.

More properties will come onto the market

One of the most significant differences between 2021 and 2022 is the availability of properties. Many homeowners who put off selling during the pandemic are now ready to list their homes. This trend looks set to increase throughout 2022.

According to recent figures, seller numbers at the end of 2021 increased by 21 per cent compared to the same time the previous year.

With more homes becoming available and the seller’s market continuing, it creates the ideal scenario if you decide to sell your current property and buy a new one.

House prices will continue to rise in 2022

Many estate agents across the UK predict that the average cost of buying a home will increase by 5 per cent in 2022. And this continues the trend we saw during 2021.

For example, according to recent data, the average house price in the UK was just under £270,000. This was a significant increase of 10 per cent — one of the largest in recent years.

Whilst house prices look as though they will continue to rise in 2022, it’s unlikely that the rise will be as high as 2021. This is good news for those looking buy a home, but it’s important to remember to act fast when you find a property you like.

Flats are in demand in 2022

Another shift in buyer trends in 2022 looks to be an increase in buying flats. As people returned to cities, buyer demand for spacious flats and apartments increased. As a result, these are now the most sought-after property type.

There are more flats for sale compared to homes, and prices are not increasing as rapidly. Therefore, buying a flat in 2022 may be the ideal time for first-time home buyers to get on the property ladder or those looking to move into large cities like London.

More demand to buy city homes

During 2020, there was a shift in demographics where demand for homes in the countryside and coastal areas soared. Many analysts predicted that this trend would continue after the pandemic. However, this has not been the case.

Recent data shows that UK estate agents are now get more enquiries about buying a home in the city more than ever during the past two years. Some say that the demand for homes in major cities is now almost back at pre-pandemic levels. The reason is that the complete shift to a work-from-home economy never happened, with more workers preferring a hybrid remote working model. This has also been reflected within the commercial market with our team seeing increased demand for higher grade office space to encourage a hybrid model of working.

The number of rented homes will increase

It is expected that the number of rental homes will increase. During 2020 and 2021, many landlords switched to short-term lets to take advantage of UK residents holidaying at home rather than flying abroad. However, as international flying returns, more landlords will turn to long-term lets.

The surge in available rented accommodation may not happen until the middle part or last quarter of 2022. Possibly, this is because landlords will wait and see which is the more stable option. There has been a severe lack of stock within the rental market meaning that pent-up demand has not been met and our agents are seeing significant demand for properties of all sizes.

Larger homes demand premium prices

The highest increase in house prices in 2022 will be for larger detached homes with gardens. This is because the pandemic changed the way many people used their homes. It was no longer a place only to eat, sleep, and be with the family. Instead, the home became the office, gym, cinema, school, and restaurant. Therefore, extra rooms in a home now demand a premium. This is why there has been a sharp increase in the asking price of a detached house compared to a semi-detached home.

Looking to move to London?

If you’re looking to buy or rent a property in London, it helps to work with a professional, knowledgeable estate agent. At RIB, we have 60 years of experience helping buyers and sellers find their ideal property in Central London. From luxury apartments to large traditional townhouses, we have a wide portfolio of properties to meet your requirements. Contact our expert residential Sales or Lettings team today on the contact details below. Alternatively, you can view our available properties for sale or to rent online.

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