Local property expert’s predictions for the sector in 2022
Local property expert and owner of X-Press Legal Services Lancashire and Bolton, Sandy Hennessey predicts another lively year for the property sector.
Sandy predicts that demand will continue to outstrip supply, and that house prices will continue to rise. But it’s not all bad news, with these factors supporting a resilient market, complemented by the continuation of many government-backed schemes which will support first-time buyers.
X-Press Legal Services Lancashire and Bolton 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.
Traditionally the housing sector, especially throughout Lancashire and Bolton, 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.
Sandy notes that the rise in monthly rentals has also influenced the first-time buyer market, and hopes that as the economy and employment market picks up, consumers throughout the North West will be encouraged to take those first steps onto the housing ladder.
Sandy also predicts that the property market will continue to be resilient in 2022 with prices rising as housing demand still outstrips suitable supply, including across the North West.
Sandy explains: “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.
Sandy concludes that 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. They 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 https://xpresslegal.co.uk/profile/?id=16 or call 0330 159 5315.