Founder of Move iQ and TV property expert, Phil Spencer, spoke to Richard Donnell, research director at Zoopla about the current state of the UK housing market in a new video for Move iQ. The pair discussed their predictions for the rest of 2022 and the biggest challenges in the market right now. The housing market got off to a strong start at the beginning of 2022 with the pandemic continuing to stimulate people’s interest in moving house.
Mr Donnell said there is a “strong link” between people who are thinking about working from home more and then having a desire to move house.
This has led to strong levels of demand for homes despite the rising cost of living and the challenges consumers are facing as a direct result of the war in Ukraine.
Buyers are having to chase after fewer homes, which Phil said he is noticing while filming property shows across the country.
He said: “There’s nothing to buy and those that come on the market disappear virtually the same day.
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The Zoopla expert said the “positive news” is that people are looking “further afield” for homes than they would have done before the pandemic.
Many people are also selling their homes and then renting in order to buy a home either with cash or without the pressure of rushing to find somewhere to buy.
The rental market has an even worse shortage of supply because of the number of people selling and then renting.
Mr Donnell said the market is currently “strong” and that will probably improve “slowly”.
He added: “But I don’t think there’s any sign of let up in the short term.”
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