Kate Allen, owner at Devon-based luxury holiday lettings specialist, Salcombe Finest: “Just like a bottle of Cockburn’s 1970 vintage port, the sheer lack of it will keep property prices high. There has been a real shift in Salcombe, with purchasers buying purely for investment purposes, not because of a love of this stunning coastal location. Whilst stock levels are as low as the Prime Minister’s popularity, property prices are going to remain buoyant here throughout 2022. Even as wage growth slows this year as the cost of living crisis hits, it won’t stop deep-pocketed investors from quaffing Devon properties.”
Lewis Shaw, founder of Mansfield-based Shaw Financial Services: “January was a busy month with lots of activity from first-time buyers looking to take their first tentative steps onto the property ladder. Currently, everything is being constrained by staggeringly low property stock levels and I cannot stress how important it is to get prepared before you even think about looking to buy. With some properties having upwards of 20 offers within a day of hitting the market and many deals going to sealed bids the early bird catches the worm. Even with rates on the rise, the allure of homeownership is stronger than ever due to the relentless increase in the cost of renting. 2022 is set to be another bumper year, and even with the spectre of inflation haunting us, anyone thinking prices are going to come down any time soon will be sorely disappointed.”
Graham Cox, founder of the Bristol-based Self-Employed Mortgage Hub: “Mortgage demand has picked up a little in the second half of January. But overall, we’re noticing borrowers are turning cautious, fearful of the economic outlook. While there is a fundamental shortage of properties on the market, and housing supply generally, all the factors on the demand side are going in the wrong direction. National Insurance, energy bills, the cost of food, fuel and mortgages are all going up. There could be a rude awakening in 2022 for those who believe house prices can only ever go up.”
Rob Gill, founder of London-based Altura Mortgage Finance: “Demand for property remains strong due to lifestyles still changing as a result of the pandemic. Stock, however, remains ridiculously low, so house prices are likely to remain fairly buoyant despite the many challenges facing the economy.”
Imran Hussain, director at Nottingham-based Harmony Financial Services: “January was a super busy month with first-time buyers looking to get onto the housing ladder and home movers looking to move up it. For now at least, there have been no signs of a slowdown in demand during 2022. Demand is stronger than ever before and even though inflation and rising interest rates are in the mind of many first-time buyers, the dread of extortionate rental prices is driving them onwards. There are on average 20 buyers for each property so anyone expecting property prices to drop dramatically is in for a shock. Even if the economy goes Pete Tong, the sheer level of demand for property will keep property prices stable.”
Rob Peters, director of Altrincham-based Simple Fast Mortgage: “Although 2022 might see more sensible levels of property activity, it’s going to take an interest rate tsunami to put house buyers off. Ultimately, people need houses, and as there aren’t enough houses, demand will remain high, and property prices will continue to rise. The lifestyle movers out there might decide not to move, as they don’t really need to anyway. First-time buyers, and those those who have welcomed a lockdown baby into the household, will continue to hunt for new homes.”
