Much like every part of life, the last few years has seen a lot of changes for the UK housing market, from emergency rental legislation to a boom in purchases egged on by the Stamp Duty Holiday.
It can be difficult to know what to write about on social when times are so turbulent, the temptation is always to put a sugar coated spin on things, but more often than not people can see right through this, and it will lead to them not trusting you to tell them the truth.
Writing about things with an upbeat and positive attitude is not the same thing as sugar coating, or avoiding the crap stuff all together. just because it’s difficult. With this in mind, let’s take a look at some key points regarding the UK housing market in 2022.
We’ll also include sources next to each point.
The chancellor’s Spring Budget statement
Despite not mentioning much about the UK housing market at all, there are a few key points forecasters think will make a significant impact on UK households.
- From July 6th, the National Insurance threshold will increase inline with the tax threshold, putting more money into the pockets of workers. For someone earning £15,000, this will give them an extra £330 per year. Institute for Fiscal Studies website
- A temporary 5p per litre reduction in fuel duty. The treasury predicts this will cost it £2.4 billion, but will save the average household £100 in the 12 months it will be in place for. BBC News
- A 5% cut in VAT for materials used to improve the energy efficiency of properties for 5 years. This meas 0% VAT for things like the installation of solar panels, heat pumps, or insulation measures. A great step for the environment. Estate Agent Today
2022 UK housing market outlook
David Smith has been economics editor for the Sunday Times for the last 30 years, and it’s well worth seeking out what he has to say, especially when it comes to the economics of the property market. Here’s the replay from a great webinar hosted by Rightmove, in which he talks about his outlook on the 2022 housing market and how it will be impacted by things such as the cost of living crisis.
A bit of optimism…
Despite the economic challenges posed by the rise in fuel costs caused by the Russian invasion of Ukraine only two years after the start of the pandemic, the Office for Budget Responsibility (OBR) declared in March that the public finances have continued to recover at a faster rate than initially predicted. Overview of the OBR March 2022 Economic and Fiscal Outlook
It can be hard to know how to talk about difficult events when they’re impacting an awful lot of people. But if you take a minute, search out some sources like the above and give them a read, there are more often than not significant elements of hope that you can bring into your analysis.
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