Demand will outstrip supply as house prices continue to rise, according to a local property expert.
Keith Moseley, the owner of X-Press Legal Services Staffordshire and West Midlands, predicts another lively year in the sector.
However, he says, 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.
He said: “Traditionally the housing sector, especially throughout the West Midlands, 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.
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“A government backed mortgage guarantee scheme with a five per cent deposit will be available until December from participating lenders and the Help to Buy Equity Loan is available until March 2023.”
Mr Moseley added 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 Midlands will be encouraged to take those first steps onto the housing ladder.
He 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 Midlands.
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The property expert explained: “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.”
Mr Moseley added 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.
He expects 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.
By Eleanor Lawson
Source: Express & Star
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