One in five UK adults plan to buy property in 2022, study suggests

Around one in five adults (18%) across the UK are planning to buy a property in 2022, new research from Market Financial Solutions (MFS) has revealed.

A study by the bridging lender suggested that this figure will rise to 34% of those aged between 18 and 34.

MFS commissioned an independent survey among more than 2,000 UK adults which revealed that 14% of current renters are planning to buy their first home. Among existing homeowners, the same figure (14%) plan to sell up and move home in 2022, while 6% are hoping to purchase an additional investment property.

Of those planning to buy a property this year, 43% said 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, while half (50%) want a property that has more space now the pandemic means they spend more time at home.

The MFS findings also suggested that two in three (66%) prospective homebuyers are worried about inflation and rising house prices, which they say will hinder their chances to buy in 2022. Furthermore, 38% said that the complexities and long waiting times involved in getting a mortgage are a major challenge when looking to buy a property.

MFS CEO, Paresh Raja, suggested that following a “frenetic” year for the property market in 2021, there is now a “great deal of speculation” as to how 2022 will unfold.

“Our new research shows we should not expect any sudden slowdown,” Raja commented. “The fact that 18% of UK adults – over nine million people – intend to buy a property in the coming 12 months shows that demand remains sky high.

“Yet our research also underlines the challenges that stand in front of prospective buyers. The so-called ‘race for space’ means that competition for certain properties – such as houses with gardens and spare rooms for home offices – will be fierce. Meanwhile, rising inflation, the potential for further interest rates hikes, and delays in securing mortgages, could also act as stumbling blocks for those looking to buy property.

“Forward planning will be crucial for anyone looking to buy a new home or invest in property. Having their finances in order and, if required, a lender in place will ensure they can act with speed and confidence, which will improve their chances of being successful in a competitive market.”

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