2022 Is Already Busy In Housing Market

As estate agents who are active in your local area, we know there is great demand for homes right now. We are busy with buyers and sellers, so we aren’t surprised to read there is considerable activity in the property market.

As estate agents who are active in your local area, we know there is great demand for homes right now. We are busy with buyers and sellers, so we aren’t surprised to read there is considerable activity in the property market.

With the peak time for the housing market set to begin, things are looking as though they’ll get even busier in the next few months.

People need mortgages to step on the property ladder

The 2022 property market got off to a flying start with mortgage search volumes by advisers increasing by close to 80%. This is according to information provided by the Legal & General Mortgage Club.

In comparison to the December 2021 figures, the January 2022 numbers rose by 91%. There was also a significant increase in searches on behalf of first-time landlords, which rose by 63%.

The information also suggests The Bank of Mum and Dad was a huge supporter for these buyers in January. Searches for people with gifted deposits increased by 88% in January 2022. There was an increase in the searches for landlords with gifted equity by 82%.

Challenges in the mortgage market

We know there are many financial challenges these days, and the January findings suggest a lot of people are looking to take better control of their finances:

• There was an increase of 157% in searches for lenders willing to accept applicants with an unsatisfied default
• There was an increase of 77% in searches for applicants with unsecured arrears
• For applicants with missed mortgage payments, there was an increase in 90% of searches
• There was a rise of 134% for applicants with a debt management plan
• Searches for interest-only mortgages increased by 85%

Kevin Roberts, director, Legal & General Mortgage Club, comments: “There is still healthy demand in the mortgage market, but there are also signs that the cost-of-living squeeze is beginning to drive some borrowers to remortgage or find alternative mortgage solutions that help them better manage their finances. Advisers will have a critical role to play in helping many of these borrowers to secure a new fixed-rate mortgage or find a lender that is willing to support those with more complex circumstances. When advisers are dealing with these volumes, or with a case that doesn’t quite fit lender criteria, the role of technology cannot be overstated. Automating processes such as administrative tasks can give advisers back time to focus on helping borrowers secure the right mortgage for their needs. Our research tools continue to be an ally to intermediaries, and we remain committed to helping support brokers through new tech where we best can.”

Contact Austin Property Services for all your housing market needs

We know many people have questions and queries right now, and we are here to help as best we can. Please get in touch with Austin Property Services if there is anything, we can assist you with. You can call us on 01305 858470 or you can email us at info@austinpropertyservices.co.uk.