|December 30, 2021||No Comments|
Even as the newest mutation of the COVID-19 virus, Omnicron, sparks fear across the United Kingdom, it seems that the rise in house prices have not been affected. As we enter 2022 the Edinburgh Metro reported that on average house prices have increased £1,691 a month since the UK went into lockdown in March of 2020. That’s a £33,816 increase of the value of the average household in just under 2 years.
According to Zoopla estimates, a flat in Edinburgh sold for an average price of £267,623 and terraced houses sold for £442,354. Similar to the rest of the UK, property prices in Edinburgh continue to rise as we end 2021 and begin 2022. The December 2021 average price has increased approximately 2.29% in the last three months and 4.64% in the last 12 months. As per the image below, the current average value of a property is £343,842 and the average price paid is £310,342. This equates to a property value increase of £15,233 from January to December 2021. These statistics are based on 9,179 property sales.
According to Caledonia Bureau Estate and Letting Agents the pandemic has increased demand and limited supply which, according to Zoopla’s recent estimates, could result in the UK housing market having its strongest year since 2007. The high level of demand had been supported by low mortgage rates, the stamp duty holiday earlier this year, as well as a re-evaluation of property buyer’s priorities. There had been expectations that housing prices would fall by the end of the year, as per the usual cycle of the property market. However prices have continued to increase steadily and demand for 2022 is expected to surpass previous years, in particular for three, four and five bedroom households.