Despite Covid19, House prices are set to rise again
As we are all aware the Coronavirus pandemic has caused widespread uncertainty in just about every situation.
According to Savills the Coronavirus pandemic will not drastically affect the property market and it is set to remain buoyant.
In the next 4 years alone average property prices are set to rise by upwards of 20.4%.
In 2022 house prices are set to rise again by a further 4%. Similarly, by 2023 house prices will increase by 6.5%.
UK property prices are then thought to rise again in 2024 by a further 4.5%.
According to Savills research the North West is set to have the slowest rate of growth in the coming years. Between 2020 and 2024 property prices will only rise by around 12.4% in this area.
Outer London and the Suburbs then follow, set to rise 10.3% and 13.6% respectively. Central London property prices will rise by 15.7% in the next 4 years.
Savills autumn update emphasises that as we may be preparing for a second lockdown the property market will inevitably change. As more people are going to become unemployed; it is highly unlikely that the high levels of demand that the property market is seeing will be sustained. In addition, mortgage lenders are also focussing on low risk investments due to the heightened numbers of mortgage requests they are achieving currently.