2022 round-up: Property expert reveals housing insights from last year

Internal data from conveyancing solicitors Bird & Co reveals housing insights from 2022, showing a decrease in first-time buyers and increase in business property enquiries.

The key points from 2022 include:

• • 68% of Bird & Co’s clients were first-time buyers (less than previous year).
  • Just under 1 in 3 clients were buying their second property.
  • 32% of enquiring buyers already owned property.
  • 1 in 4 property enquiries in 2022 were not intended as main residences.
  • Percentage of people buying for business purposes has more than doubled, from 15% in 2021 to 33% in 2022.
  • 1 in 6 clients were interested in letting whole properties.
  • Interest in new-builds has stagnated.

After examining their internal property enquiries in 2022, and comparing them to those in 2021, Bird & Co have uncovered some clear changes in buying habits between 2021 and 2022.

Daniel Chard, Managing Partner at Bird & Co, says:

“It’s clear that first-time buyers are struggling once more to begin their property investment journey.

“The increase in investment for business purposes could serve some purpose to communities, either by creating commercial spaces for work or by providing more available properties to let.

“That said, more needs to be done by the government to support first-timers in the coming years, or things may continue to stagnate.

“We have also seen a decrease in enquiries for holiday lets, which could be down to the end of Covid restrictions this year, which saw many enjoying holidays abroad.

“Meanwhile, buy-to-let and business opportunities have risen, suggesting 2022 was a good year for landlords.”

More detailed insights on the internal statistics from Bird & Co can be found via this landing page.

Kindly shared by Bird & Co Solicitors

Main article photo courtesy of Pixabay