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Nationwide HPI – “2021 was the the year of the regions” – reaction from experts

notting hill houses in portobello road market

Following today’s report from Nationwide on annual house price data, property experts share their views

James Humphries-Stone, director of Midlands-based estate agency, The Avenue: “So much for the seasonal cooldown. The property market remained exceptionally strong in December with demand outstripping supply by quite a margin. I expect there to be more of the same as we head into 2022 with little sign of an uplift in new properties coming to market. As long as supply remains as low as it is, it’s hard to see prices falling as there is still a lot of demand. The race for space will continue to power prices throughout 2022, as it has done this year. Those expecting prices to cool down in 2022 are likely to be proved wrong again. That London was the laggard this year is no surprise after its historical growth. The capital had played all its cards before the pandemic.”

 

Robert Payne, co-founder of Bristol-based Langley House Mortgages: “December shouldn’t be like this but 2021, like 2020, was no ordinary year. Inflation and interest rates may be on the rise but the one thing that isn’t is the number of houses for sale, which is supporting prices and keeping the market strong. While the economic fundamentals should be weighing down on it, the property market remains robust and resilient as it has been throughout the pandemic. The only way prices will fall is through a surplus of supply and that’s unlikely any time soon given the glacial pace at which we build new homes. It doesn’t surprise me that the South West was the strongest performing English region as demand here has been off the scale. More and more Londoners are making their way down the M4.”

 

Marcus Wright, MD of Bolton Business Finance: “It feels odd to say this but London was the clear loser in 2021. 2021 was without doubt the year of the regions. The capital, as absurd as it sounds, came last. Although there has been a slight slowdown in sales numbers in recent months, demand from owner occupiers and investors is still extremely strong. The relaxation of mortgage rules will likely stimulate demand in 2022 from first-time buyers and people looking to upsize.”

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