It is proposed that the lower end of the market and new homes may eventually suffer due to younger people delaying their plans and expectations of stepping onto the property ladder owing to the cost-of-living crisis. However, at present, the housing market shows no sign of faltering and continues to move rapidly.
The percentage rise in property prices continues to be in double digits for the 11th consecutive time in a 12-month period and according to a recent ‘Nationwide’ survey, over a third of the population are either actively moving or contemplating it. Meanwhile, respected trend analysis reporters within the industry are saying that it would be daft and stupid to predict any kind of market crash or stalling in 2022 but it may slow down as we get close to 2023.
Sceptics are quick to add gloom on the buoyant market by insisting cost of living, inflation and rising mortgages will soon put a dampener on these statistics but just like during covid, as a nation, we are reactive to our environment. At the beginning of the pandemic, there was a surge in people impulsively moving to the country and out of the cities in order to embrace a restricted life and have more space in the confines of their own homes and now we are seeing the reverse, as people look for more energy efficient and, in some cases, smaller homes that will help combat rising costs.
‘Nationwide’ went on to report that 17% of those moving or considering a move were looking to reduce their spending on property by either moving to a different area or a smaller home but due to the same old story of limited supply and strong demand, these requirements are attributing to the rise in prices.
So, if we have learnt anything from 2020 to now, environmental issues, pandemics and financial uncertainty doesn’t seem to dampen our house buying spirits but instead, change our criteria and purchase trends.
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