The Best Time to Buy Property in the UK in 2022

The housing market, like everything else, has been impacted due to the ongoing coronavirus pandemic. The prices of houses in the UK are constantly changing. Should you buy now before the prices rise further? Or should you wait? If you buy it, when should you buy it? Here we have tried to answer all these questions and have also mentioned what's the best time to buy property in the UK in 2022.

The Numbers

According to the latest report, house prices have risen by over 11% in the year to Jan 2022. In Jan 2022, the house prices in the UK also hit a new record high of £276,759, say the figures from the Halifax House Price Index. It's an increase of 9.7% in just 12 months.

The Reasons

There are many reasons why house prices are rising in the UK. Some of them are:

·       The supply of houses is small

·       There was plenty of pent up demand

·       People now have a desire for more space and are inclined towards rural living

·       The mortgage rates are quite low

·       Shrugging off the stamp duty holiday (It ended in October 2021)

What is the Best Time to Buy Property in the UK in 2022?

There is no single answer to this question. The time of the year one should buy a property depends on personal preferences, requirements, and budget. We have outlined which buyer should buy the property when, as a general rule.

Spring is the right time to buy a new home for people who want more choices and want the sale quickly completed.

September is a good time for people who want to view different properties, as many sellers list their properties this month.

August, mid-November, and December are generally slower months as people go on holiday.

Many people list their property when the New Year begins due to New Year Resolutions (and other reasons). This is a good time to buy a property.

April to June are also good months to buy a house as many people list their properties during these months.

Impact of Omicron

The Omicron variant will also likely impact the property market in 2022. Chief economist Robert Gardner expects the housing market to slow down in 2022 and has also raised concerns about the Omicron variant.

He said: "Even if wider economic conditions remain resilient, higher interest rates are likely to exert a cooling influence. Indeed, house price growth has outpaced income growth by a significant margin over the past 18 months, and, as a result, housing affordability is already less favourable than before the pandemic struck. However, the outlook remains extremely uncertain. The strength of the market surprised in 2021 and could do so again in the year ahead."

He added, "The market still has significant momentum, and shifts in housing preferences as a result of the pandemic could continue to support activity and price growth. Indeed, the Omicron variant could serve to reinforce the shift in preferences in the near term."






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