New housing market boom as one-in-five want to buy this year
Results of a study of 2,000 adults suggest that almost one in five of them want to buy or invest in property this year.
Overall, some 18 per cent of adults questioned intend to buy a property this year, rising to 34 per cent of 18 to 34-year-olds.
Broken down, around 14 per cent of current renters plan to buy their first home in 2022 while 14 per cent of existing homeowners plan to move and six per cent plan to purchase an additional investment property.
The study, from bridging lender MFS, shows that of those planning to buy a property this year, 43 per cent say they will look in a different area to where they currently live because the rise of remote working means they do not need to be in the same location.
Half want a property that has more space as the pandemic means they spend more time at home.
Two-thirds of prospective homebuyers are worried about inflation and rising house prices, which they say will hinder their chances to buy in 2022.
A further, 38 per cent said that the complexities and long waiting times involved in getting a mortgage are a major challenge when looking to buy a property.
Andrew Cadwallader, Co-Director at Samuel Wood, said: “This research showcases the challenges that prospective buyers currently face and what they feel are issues/stumbling blocks.
"As we have also described it here at Samuel Wood, the ‘race for space’ means that houses with wish lists including gardens and spare rooms for home offices – will be fierce.
“Added financial factors likely to cause issues include rising inflation, the potential for further interest rates hikes, and potential delays in getting a mortgage arranged in such times of a changing climate, could also potentially cause complications for those looking to buy property.
"Here in Shropshire, we regularly 'buck' national trends. It takes less time than the national average to sell a house here. This survey shows that a lot of people want to buy a house in 2022 and a large proportion of these will be moving.
"It's certainly going to be a busy year and speaking to a reputable agent, with the same point of contact, who will guide you through every stage of the process from the initial offer, to exchange, which could be many weeks later, is going to pay off when it comes to moving this year.