ONS house price data

"During the closing stages of 2021, the property market was still incredibly robust. The usual seasonal drop-off and even the Omicron variant didn't impact demand. The ongoing problem is the sheer lack of available housing stock. In almost all cases, this led to property sales being agreed in excess of asking prices. We were averaging around 30 viewings per available property, with an average of four offers per property. Although we're only a couple of weeks in to 2022, the competitive nature of the housing market doesn't seem to have changed. We have seen an increase in new instructions, but pent up demand is seeing these properties being sold within days. Once again, most properties are selling for figures in excess of asking prices. Throughout 2021, the biggest demand was for 4 bed+ detached houses, which syncs with the shift to remote working and the 'race for space'. It's impossible to predict what will happen to the market in 2022 but a drop in prices is unlikely. Price growth is likely to drop off but this may not happen until the back end of 2022. The cost of living and interest rates remain a concern, but even with the most recent rate hike and inflation hitting a 30-year high, demand remains robust."

"As absurd as this may sound, there's every chance house prices will continue their record-breaking push upwards in 2022. The reason for this is that the estate agents we work with are getting multiple offers on every house they sell and if demand outstrips supply, prices are only going one way this year.Unless we build more houses, which no Government seems able to pull off, there doesn't seem much that can stop the runaway house price train."

"The property market remained strong in the closing stages of 2021. Demand remained healthy but the problem, as ever, was supply. We expect to see modest growth in 2022 after a barnstorming 2021. This will further be impacted by soaring inflation, the cost of living crisis, energy price hikes and the planned National Insurance increase in April, not to mention further possible Bank of England base rate rises over the coming year."

"Demand for property still outweighs supply with buyers who entered the market during lockdown spurred on by the stamp duty holiday and changing lifestyles such as working from home. While the stamp duty holiday may have ended, people's desire for a new kind of home with space to work and stretch out in the event of future lockdowns is still strong and we expect house prices to remain buoyant as a result. The main issue, as ever, is the sheer lack of stock available to buy."

"I think 2022 will be the year air is finally let out of the over-inflated balloon that is the UK property market. There are so many headwinds facing households and small business owners, from soaring energy prices and inflation, Covid business loans, the National Insurance hike and rising interest rates. Something has to give and I think prices will start falling in the second half of the year."