The Stamp Duty holiday may be over and average house prices may be rising, but it seems the desire to own our home has never been greater. 

An independent survey of 2,000 adults has recently revealed that 18 per cent intend to purchase property this year, including just over a third of those aged 18-34 years old.

Commissioned by lender Market Financial Solutions, of those planning to buy a property this year, almost half said 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.

In light of continued demand, which comes as the latest House Price Index revealed property prices have risen by 1.4 per cent since October 2021, taking the average property value to £288,130, it seems likely that demand will continue to outstrip supply, at least for the first part of the year. 

Paresh Raja, CEO of MFS, said:  “After a frenetic year for the property market in 2021, in which house prices rose sharply, there is a great deal of speculation as to how 2022 will unfold.

Our new research shows we should not expect any sudden slowdown; the fact that 18 per cent of UK adults – over 9 million people – intend to buy a property in the coming 12 months shows that demand remains sky high.

“Yet our research also underlines the challenges that stand in front of prospective buyers.

The so-called ‘race for space’ means that competition for certain properties – such as houses with gardens and spare rooms for home offices – will be fierce.

“Meanwhile, rising inflation, the potential for further interest rates hikes, and delays in securing mortgages, could also act as stumbling blocks for those looking to buy property.”

Author:  Sarah Freeman, V&A Homes

Photo by James Feaver on Unsplash