The responses came in a webinar poll undertaken by valuation panel management service provider, Countrywide Surveying Services, which used the halfway point of 2022 to reflect on the first six months of the year, to assess current market conditions and to discuss the future.
Over 300 people actively engaged with the session, with the audience consisting of lenders, brokers, surveyors and other property professionals. The panel included Terry Higgins, Group Managing Director at New Build Mortgage Services, Tim Bannister, Director of Property Science Innovation at Rightmove and Aneisha Beveridge, Head of Research at Hamptons International. It was hosted by John Baguley, Director of Technical, Risk and Compliance at Countrywide Surveying Services.
Further polls were taken during the webinar which posed questions including:
Do you see the property market rising, falling or remaining static? To which almost half (49%) opted for the response – remaining static, 32% suggested that it will fall and 19% thought that it will rise.
Which part of the market do you see as being most impacted negatively over the next 12 months? The response was largely split with 40% pointing to the buy-to-let/rental market as being most likely to be negatively impacted, whilst 27% chose the owner occupier market. 33% said that they are likely to be impacted equally.
Finally, when it came to the biggest drivers impacting the market, half of the respondents (50%) indicated that the cost of living would be the biggest driver. Higher interest rates captured over a third of the votes (36%), general economic uncertainty accounted for 15%, consumer confidence 14%, increased taxation 6% and all of the above came in at 34%.
John Baguley, Director of Technical, Risk and Compliance at Countrywide Surveying Services, comments: “There’s no getting away from the fact that lingering economic uncertainty, rising interest rates and escalating living costs are impacting the housing and mortgage market. Inevitably, these are resulting in varying degrees of concern for borrowers and property professionals across the board but, as reflected in these results, there remains plenty of positivity and confidence throughout the industry thanks to a highly robust housing market and a competitive lending marketplace.
“The next 12 months are likely to generate a number of challenges for a variety of businesses. However, opportunities will also emerge as a lack of housing stock and strong buyer demand will continue to generate activity across the purchase market. In addition, the remortgage sector will remain buoyant as a growing number of homeowners are locking into longer-term fixed rates to secure their outgoings in a turbulent rate environment. A combination which will certainly keep the intermediary market moving at pace in the coming months.”
