Use the demand-and-supply model to explain and discuss the points about the housing market described in the extract.

Extract: UK housing market expected to stabilise in 2022 after bumper year

Extract: UK housing market expected to stabilise in 2022 after bumper year The year ahead could bring more stability to the UK housing market after a bumper year in 2021 when frenzied homebuyer activity pushed prices to record highs. A stamp duty holiday that ended in 2021 helped to fuel about 1.5m house purchases across the UK last year, the highest number since before the global financial crisis. Huge flexible working changes also prompted many people to relocate. According to trade association UK Finance, 2021 was the strongest year for mortgage lending since 2007. It estimates that 316bn of home loans were given, the highest figure since the 357bn recorded 14 years ago... In two years' time, a rump of five-year fixed-rate mortgage deals will end, and borrowers will be looking to refinance these loans. ...With house prices reaching record levels in 2021, housing affordability for first-time buyers may continue to be stretched. Higher outgoings generally from inflation, which hit 5.1% in November, could mean some people have less income to spend on their mortgage. ... According to the property professionals' body Propertymark, there were just 20 homes available on average per estate agency branch by November 2021, the lowest figure in records going back two decades. Propertymark said the imbalance between demand and supply had helped to drive up house prices. Thirty-eight per cent of homes sold for more than the asking price in November. Propertymark's chief executive, Nathan Emerson, said: "Agents are not seeing any signs that demand will slow in 2022. "The question then remains, how does the market encourage new stock? Many sellers wait to see something they like and will market on account of having found". Rightmove's director of property data, Tim Bannister, said: "It's been a frenzied property market over the last 18 months, with changed housing needs driven by the pandemic inspiring many moves and lifestyle changes. "However, while the pandemic is still having an ever-changing impact on society, we expect a housing market moving closer to normal during the course of 2022. "A closer-to-normal market means a slowing in the pace of price rises, and a better balance of supply and demand for homes. "We've seen a jump in the number of owners requesting valuations from agents with a view to marketing their homes, which suggests some fresh property choice could be coming to market. "This will suit movers who may have held back from entering the hectic market during the last 18 months". Mortgage rates edging up could also dampen demand... The Bank of England raised interest rates from 0.10% to 0.25% last month.