House Price Forecast 2024: What to Expect

According to respondents in a new survey, most participants have good faith in the house price forecast for 2022. According to most participants, property values are likely to increase next year by approximately 10%, which follows suit with the 10% rise seen for this year. The survey included property buyers and showed that just over a third of them expect UK house prices to rise by up to 10% in 2022.

Property Values

Based on the latest HM Land Registry UK House Price Index, a 10% rise would see the average UK property value hit the £290,700 mark. Properties in London would have an average value of £578.500. 

The survey also showed that approximately one in eight respondents expect property values to rise further than the expected 10% forecast. The respondents said that they expect house prices to increase by at least 15% next year. If this were to happen, you can expect to see UK house prices at a record average of£304,000, whereas London buyers would have to be ready to invest £605,000 for the average house.

Few Negative Expectations

Approximately a fifth of the survey participants expected a more moderate rise in house prices of just 1% to 5%. On the other hand, around one in twelve believed UK house prices would continue at a consistent rate over the next year. 

When considering the house price forecast falling over the next year, most participants had little to no belief that it would happen. Perhaps they are going to some extent to put aside concerns that the UK housing market could crash following a year of record house price growth. 6% of respondents believed prices have the potential to decrease by 1-5%, yet only 3% felt that they could drop 6% or more. 

Conclusion 

The house price forecast for 2022 is looking likely to be a fruitful year for homeowners. If you’re considering investing in property or require some extra guidance. we can help. We have a proven track record of success, and we can guide you through the property market no matter what happens during 2022 

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