THE big winners of the continuing property boom are set to be flat owners, an expert has predicted.
House prices across the U.K. have surged by as much as 10 per cent in some regions over the past 12 months.
Now Jonathan Rolande, from House Buy Fast, predicts the value of properties will continue to surge in 2022 – and he forecasts those who own flats could be the best off.
He said: “The past year has been excellent for the housing market and although this is likely to slow in 2022, I still expect to see prices rise by around four per cent. Flat prices however could go 2-3 per cent above that.
“There are many reasons why the popularity of flat ownership is bouncing back. Flats have the advantage of being easy to lock up and leave and repairs, gardening etc are carried out under the maintenance contract.
“Flat ownership is also being driven by people returning to work in cities, albeit this surge may now slow a little due to Omicron.
“Many other people are turning to flats because they are being priced out of buying houses. It means they are forced to buy flats or nothing at all. We’ve also seen a real boom in buy-to-lets which has put rocket fuel under the market.”
Mr Rolande said the roll out of HS2 means the attraction of owning a flat has real longevity.
“It’s created new value in the market,” he said.
“More and more developments are popping up along the planned route and young people are stepping forward to buy them and make them long term homes. The market has also been boosted by the fact new developments, which stalled in lockdowns, are now completing and selling.
Finally, overseas buyers, especially from the Far East, are keen to buy a base here.”