The red-hot property market of 2021 looks set to continue into 2022 after statistics show this January has been the strongest in the property market since 2005.
Statistics from Nationwide have shown annual house price growth has risen by 11.2%, taking the average value of a property in the UK to £255,556 after the sixth consecutive month of monthly increases.
December 2021 to January 2021 saw an increase of 0.8% increase month on month, further demonstrating the continual price growth.
The stamp duty holiday scheme was a major driving force behind the statistics we are currently seeing, with property demand and high mortgage approval rates also playing their part.
With stock levels in the property market down after the rush of making the stamp duty deadline last September, this has led to buyers sparking a bidding war for properties, driving property prices in the process.
Not only are property prices increasing, but property transactions throughout 2021 also reached the highest since 2007.
With the current market conditions suiting those wanting to sell, and Spring often being seen as the best time to sell a property, now is the time to act.
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