30 Dec Market predictions for the new year
The trio of low mortgage rates, the stamp duty holiday and changes in buyers’ priorities have all contributed to the incredible demand within the housing market in 2021. That is why we’ve managed to see an incredible leap of 30% in buyer interest across the five-year average.*
As the new year draws closer, we explore a few factors that are in store for the property market for 2022.
1. The return of first-time buyers
Whilst the demand is there, the range of buyers has changed.
At the start of the pandemic, most buyers were in the wealthier bracket of society and owned higher valued properties. Now that we’re seeing an improvement in mortgage affordability, the door has opened back up to first-time buyers!
If you’re a first-time buyer, we don’t expect the market to slow down anytime soon, so you’ll need to ensure you’re prepared to move quicker than normal when you find a property you like.
A good way to stay ahead of the game is by getting a mortgage in principle before you start house hunting.
Mortgage in principle (MIP) = this is a statement from a lender that they would lend you a certain amount and can assure a seller of your financial standing.
2. Race for space continues
Another domino effect from the pandemic is how homeowners began to prioritise space as one of their main needs in a property.
The combination of being cooped up inside, as well as businesses moving to remote working meant that people naturally discovered how much they valued space.
If you’re thinking of moving to find a property with more room, the time is now to get a move on with the process – especially with demand being high and surpassing supply.
Stay one step ahead of the game and book your up-to-date property valuation with us this month.