After the uproar over the Omicron variant there has been a big discussion upon predictions for the property market this year.
Many experts are speculating various factors and potential difficulties facing the property sector. Post lockdown in 2020, the demand in the UK for property rapidly increased, particularly those with access to outside areas.
The demand has remained the same ever since. Although the demand for properties remains high, the new build sector is struggling due to supply shortages of materials and staff due to illnesses and time being spent in quarantine.
Rightmove have even predicted a 5% increase in selling prices.
Rising inflation makes consumers less wealthy and less likely to spend. This affects people’s ability to save money, including for a deposit for a property purchase.
A combination of all factors create a very competitive scene for property owners and sellers.
Who’s looking to be involved in the property market this year?