Property website Rightmove predicts the UK housing market is likely to be closer to “normal” next year, after a hectic last 18 months.
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Estate agents and builders have experienced high demand for properties during the pandemic as people reevaluated their housing needs during lockdowns.
There are signals of more traditional trends coming back. The price of properties available in the market recorded their usual seasonal decline, with the average price decreasing by 0.7% in December.
Tim Bannister, Rightmove’s director of property data, stated that the housing market is returning to normal due to more choice and projected slightly higher interest rates.
Competition for property has remained high in 2021 amid an imbalance between supply and demand. Rightmove reported that the available houses for sale hit the lowest level per estate agency.
Rightmove expects competition could ease in 2022, with indicators of more supply coming to the UK housing market.