'I'm a property expert - here's what could happen to house prices in 2022'
One of the reasons Mr Mendes thinks a slow down is on the cards is because of expected rising interest rates.It means the amount of interest you'll be paying on tracker or variable mortgages will go up.
Lenders will take rising rates into account when assessing whether you are able to afford a mortgage or not. It means it could be tougher for you to get a mortgage - and that could leave people in a position to buy, reducing the demand for homes, which could take the accelerator off house price growth, Mr Mendes said.Taking this into account, Mr Mendes estimates house prices could increase by 3-5% by the end of the year.
That's a much slower rate compared to last year. According to Nationwide figures, house price growth surged at 10.4% in December 2021 - house prices haven't grown that much since 2006. "With the average house price at £260,000 in 2021, a 5% increase would add £13,000, bringing the average to £273,000 by the end of the year," Mr Mendes said.House prices can go up and down easily, so it's hard to know when the best time to buy is.Read More on The Sun
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