The UK property market is set to experience a significant increase in value over the next few years, with an estimated £80 million per hour increase in 2022. This is a staggering figure that could have a huge impact on the UK economy and the lives of many people.
The UK property market has been on the rise for some time now, with prices increasing steadily since the financial crisis of 2008. This trend is expected to continue, with the UK government forecasting that house prices will rise by 3.5% in 2021 and 4.5% in 2022. This means that the average house price in the UK is expected to reach £250,000 by 2022.
The £80 million per hour increase in property value is likely to be driven by a number of factors. Firstly, the UK economy is expected to continue to grow, with the Office for Budget Responsibility predicting that GDP will increase by 3.5% in 2021 and 4.2% in 2022. This growth is likely to lead to increased demand for housing, which will drive up prices.
In addition, the UK government has recently announced plans to invest heavily in infrastructure projects such as HS2 and Crossrail 2, which are expected to create thousands of jobs and boost economic growth. This investment is likely to have a positive effect on the housing market, as it will make it easier for people to move around the country and buy property in different areas.
Finally, the UK government has also announced plans to build 300,000 new homes each year by 2022. This is likely to have a positive effect on the property market, as it will increase the supply of housing and help to keep prices from rising too quickly.
Overall, the UK property market is set to experience a significant increase in value over the next few years, with an estimated £80 million per hour increase in 2022. This is likely to be driven by a number of factors, including economic growth, infrastructure investment and increased housing supply. This could have a huge impact on the UK economy and the lives of many people, so it is important that we monitor the situation closely over the coming years.