One in Five Plan to Buy a Property in 2022
If you want to buy a property, 2022 is the best time to do it.
New research among more than 2,000 UK adults has revealed how many people are planning to buy a new home or property investment in 2022:
- 18% of UK adults intend to buy a property this year – rising to 34% among 18–34-year-olds
- 14% of renters plan to buy their first home in 2022
- 14% of existing homeowners plan to move property, while 6% plan to purchase an additional investment property
- 63% expect house prices to rise in 2022, compared to 8% who predict they will decline
One in five UK adults plan to buy a property in 2022, new research from Market Financial Solutions (MFS) has revealed.
The bridging lender commissioned an independent survey among more than 2,000 UK adults. It found that 18% intend to purchase property this year, including 34% of those aged 18-34.
Among renters, 14% plan to buy their first home. Among existing homeowners, 14% plan to sell up and move home in 2022, while 6% hope to purchase an additional investment property.
Of those planning to buy a property this year, 43% 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 (50%) want a property that has more space as the pandemic means they spend more time at home.
Two thirds (66%) of prospective homebuyers are worried about inflation and rising house prices, which they say will hinder their chances to buy in 2022. Further, 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’ research also revealed how UK adults expect house prices to perform over the coming 12 months. The vast majority (63%) believe they will rise, with 29% predicting they will stay roughly the same and 8% thinking they will fall.
More generally, the study showed that 40% of UK adults say the pandemic has changed what matters to them in a home – this is particularly true among those aged 18-34 (53%).
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