The survey found that 18% intend to purchase property this year, including 34% of those aged 18-34, and among renters, 14% plan to buy their first home
An independent survey of 2,000 UK adults, conducted by Market Financial Solutions, has found that one in five adults plan to buy a property in 2022 – equating to around 9 million people.
The survey found that 18% intend to purchase property this year, including 34% of those aged 18-34, and 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 to relocate to another area due to the rise of remote working. Half of respondents said they want a property that has more space as the pandemic means they spend more time at home.
Two-thirds of prospective homebuyers however are worried about inflation and rising house prices, which they say will hinder their chances to buy in 2022, and 38% said that the complexities and long waiting times involved in getting a mortgage are a major challenge when looking to buy a property.
The research also revealed how UK adults expect house prices to perform over the coming 12 months. The results show that the vast majority (63%) believe they will rise, with 29% predicting they will stay roughly the same and 8% thinking they will fall.
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% of UK adults – over 9 million people – intend to buy a property in the coming 12 months shows that demand remains sky high.
He said: 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.