Buying And Selling
We are still in a sellers’ market, but for how long and what will influence change? The housing market, like many others is not insulated from external factors, and those external factors have increased when you consider the Ukraine conflict and how that is impacting directly on fuel prices. The current squeeze on spending enforced by rising energy process and a volatile inflation rate will undoubtedly have an impact. According to Michael Poole solicitors “The demand for properties is not expected to disappear in 2022, but it will be slightly less.”
This is expected, due to the sheer demand for properties last year meaning a lot of homeowners have already moved or are currently in the process or procedure of moving. The 2021 stamp duty holiday and record lows in interest rates enabled buyers to purchase property without having to pay as much extra taxation this is where the British Landlords Association say they “saw the largest increase in house prices since before the financial crash in 2007” Additionally housing prices have increased and market research indicates that expected that the housing market will continue to stay at this high price. Additionally, it has been anticipated that there will also be an increase in interest prices which could also generate a change in the demand for properties.
Whatever happens buyers are urged to consider all of these factors as they prepare offers and timelines to either buy or sell. The last piece of optimism for the housing market remains in place as workers continue to see the benefits of working from home.
