If you’re keeping up with news about the housing market, specifically in London, you may have already noticed the mixed reports regarding the future of the housing prices in the said city. Because of the unstable economy and unpredictable world events, it’s almost impossible to come up with just one type of prediction.
Will the housing market rise? Will it crash? It’s definitely a confusing topic, especially for investors and realtors who are looking for advice on what to do with their property. Of course, buyers are also not benefitting from the constantly changing state of the housing market.
So, what exactly will happen to the London housing market? This is what we’re going to walk you through in the following sections.
What is the Average Housing Price in London in 2022?
As of January 2022, the average housing price in London amounts to approximately £510,000.
By this time, London was considered the most expensive city to live in, in terms of buying and having your own residential property. This is until April 2022, when Winchester beat London in the said criteria with an average housing price of around £630,000. Nevertheless, the housing prices in London in 2022 are still undeniably expensive.
Keep in mind that the said prices only include the property itself. This doesn’t include the legal fees and other payments that you need to make. When it comes to this, we recommend working with the cheapest conveyancing solicitors since they are professionals who can better walk you through everything that you need to know and process when buying a house.
Is the London Housing Market Set to Crash in 2022?
Although a number of news reports state that the London housing market is set to crash anytime soon, it isn’t very accurate. More data shows that the affordability crisis in the country has little effect on the market. In fact, instead of a crash, the housing prices are more likely leaning towards an inflation and price hike rather than the former speculation.
That said, if you’re a part of the housing market, you have nothing to worry about for now. Just expect a slow growth rate, but other than that, a loss is not, in any way, seen as per most recent reports.
Should You Invest in Property in London in 2022?
Generally, 2022 should be a good year to make investments in property and other assets. This is because most are still recovering from the COVID-19 pandemic.
However, if we’re specifically talking about London, then it may be best to take your planned investment somewhere else. Since most reports are showing a continuous price hike in the market over the years, you may not be able to make the most out of your investment. This is most especially if you’re aiming for a short-term investment. Try Sheffield, Swansea, and Derby instead since these UK cities have the most affordable prices at the present.
Will It Be a Good Idea to Buy a House in London?
If we’re talking about your personal needs, then it’s always a good idea to buy your own house in London. It has a lot to offer in terms of attractions, accessibility, establishments, and more. However, this is only if you’re financially capable to do it. If you value practicality and are not yet capable of splurging, then it may not be a good idea.
Basically, the answer to your question will all depend on your current needs, preferences, and budget. It will be best to assess your condition first before making any big decision, such as this.
Is It Best to Sell Property in London by 2022?
If you bought your property in the earlier years, then you will definitely earn a profit by selling your property in London in 2022. However, if you are looking to get a higher profit off of your investment, then it’s also a good idea to wait out until 2023 since prices will still continuously increase from here on.
Summary
To wrap it up, you should expect a continuous yet slow price hike to surround the London housing market in 2022 and in the coming years. It’s unlikely for the city’s property prices to come down soon. However, there’s a chance that the hike will soon stop and start staying afloat at a certain level.
On the last note, remember to work with mortgage solicitors before engaging in any transactions involving real estate properties. Get a conveyance quote from us now if you’re interested in pushing through your desired project. Rest assured that with us, you won’t have to face the stressful and hassling process of legally buying a house ever again.
