What’s in store for the property market?

9 August 2022

Over the past couple of years, we have all been affected by the chaos the pandemic has left in its wake. Although the property market was no exception, there are some signs of normality returning to the market.

Going once, going twice (as fast)

Q1 2022 was the fifth busiest quarter for the property market in 15 years, data has revealed1. What is more, properties are currently selling twice as fast as they were in 2019 with an average of just 33 days on the market.

Reaching a peak?

2021’s double digit house price growth has continued into 2022, with most property price indices concurring that April 2022 saw year-on-year growth of around10%. After the frenetic activity we’ve witnessed in the past 18 months, however, many experts agree that growth is set to slow as we move into the second half of the year (H2 2022).

Supply catching up with demand

An increase in the number of homes coming onto the market has contributed to slowing house price growth, with the number of new listings up for the first time in a year. According to an industry survey2 of respondents have reported an increase in housing supply, while new buyer enquiries are at +9%. This is the most balanced that supply and demand have been since the pandemic.

First-time buyers put off plans

Many people are facing a squeeze on their finances; little wonder, then, that 70% of potential first-time buyers (FTBs) are planning to put homebuying on hold over the next couple of years due to the rising cost of living.3

No chain, everything to gain

2022 isn’t done with breaking records yet, with a massive73% of buyers this year so far having no chain!4

Get your ducks in a row

There’s plenty going on – don’t worry, we’re on top of it all! Whatever your situation or plans, let us help you get your ducks in a row and achieve your property dreams.

  1. Rightmove, 2022,
  2. RICS, 2022,
  3. Nationwide, 2022,
  4. Hamptons, 2022

🚨Think carefully before securing debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage.

🚨 Data accurate as of the date of publication – 09.08.2022.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.

 

Source: Quilter Financial Planning – Essentially Mortgages Q3 2022

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