- Housing demand will continue to outstrip supply
- Government backed schemes continue to support first time buyers
- House prices will continue to rise – supporting a resilient market
predicts X-Press Legal Services, a leading UK search provider.
X-Press Legal Services carries out a comprehensive range of property searches producing the reports required for all property transactions such as flood risks, planning and environmental. The firm has seen one of its best years on record as the property market has taken off with the introduction of the stamp duty holiday and migration from cities to more rural areas. In 2021, X-Press saw an increase of up to 50% month on month.
Dave Lister, Financial & Sales Director at X-Press comments:
“As we head towards the end of a very busy year for property firms there will be the annual last-minute rush to deal with Christmas moving deadlines but this time of year also allows firms to catch up on their pipeline and slow down.”
Traditionally the housing sector has struggled with those taking their second step on the property ladder with not enough equity in the first property being sold or lending restrictions making a move upwards financially unrealistic. This in turn starves the first-time buyer market. But there are a number of incentives available.
A government backed mortgage guarantee scheme with a 5% deposit will be available until December 2022 from participating lenders and the Help to Buy Equity Loan is available until March 2023.
Lister notes: “The rise in monthly rentals has also influenced the first-time buyer market, let’s hope as the economy and employment market picks up that consumers will be encouraged to take those first steps on the housing ladder.”
X-Press predicts that the property market will continue to be resilient in 2022 with prices rising as housing demand still outstrips suitable supply.
Lister adds: “The property sector is so important to the UK economy due to the enormous secondary supply chain of surveyors, builders, electricians, plumbers, joiners, carpet fitters, glazing suppliers and other trades involved in property development. The knock-on effect of the creation of more housing stock shouldn’t be underestimated.”
Traditional seasonal peaks and troughs are also predicted to return to the housing sector in 2022 according to the search firm which has over 21 years’ experience and data on housing market transaction trends.
Lister concludes: “2022 should see the property market operating at a steadier pace as transactions are not influenced by external factors such as the stamp duty holiday. We expect the market to begin gathering momentum again in January and a spike in activity following the Easter weekend which tends to be one of the busiest times of the year for UK house moves.”
For further information about X-Press Legal Services visit xpresslegal.co.uk or call 01925 393 333.
