December
Luton Town Centre Set For £20 Million Regeneration Boost - Announced in the Autumn Budget 2021 in October, this ambitious regeneration scheme will see Luton town centre completely reimagined. Welcome news for both Luton residents and prospective investors; this announcement came alongside a whole slew of positive property-related wins for the town last year, with the average property price rising by 8.77%, according to Land Registry data – much higher than the likes of Manchester, Birmingham, and London.
As Activity Returns to ‘Normal Levels’, House Price Growth Remains Strong - The end of the stamp duty holiday continued to bring a dip in activity, with UK mortgage approvals in October 4% lower than the 2017-19 average for the month, according to the Bank of England. Completed transactions also dipped below their pre-pandemic average. However, the end of the year is predicted to be busier than usual – with new sales agreed still running at elevated levels according to TwentyCi.
Demand for Flats Soar - Flats have become the most in-demand property type among prospective buyers, supplanting the popularity of houses throughout the pandemic, according to Rightmove. These findings chime with trends identified by mortgage lender Halifax, which found in November that flats were selling 10.8% more than at the same time last year, while detached houses were typically going for around 6.6% more.
The’ Search for Space’ Expected to Continue into 2022 – According to Zoopla, house prices grew by 7.1% in November, adding around £16,000 to the average value over the previous 12 months. Despite some slowing demand, the property portal experts predict these trends driving the residential property market to continue into 2022 – so long as widespread restrictions and school closures are not implemented.
