At this time of year what comes next is always at the back of the mind. It is always difficult to predict the future and impossible to know for sure what will happen but that is why experience can be invaluable when looking to acquire or change a mortgage. Enables IFAs in Bishops Stortford are here to help you consider what the future may hold when it comes to a mortgage in 2022.
Whether you are looking to invest, remortgage, or purchase your first home, with changes in inflation and interest rates, it is important to reflect on the outlook for the property market for 2022. It is always difficult to determine when it is the right time to buy.
But hopefully, there will be a better economic situation in view for 2022, and plenty to consider as to how will this affect the UK property market? Despite the massive change to stamp duty charges in October 2021, the prediction is that there will still be plenty of activity on the property market in 2022.
When deciding if 2022 is the right time to buy, it is best to do as much research as possible in advance. In recent years, we have made considerable changes in how we live and work. It doesn’t look like the demand for more home office space, and outdoor green space is set to slow down any time soon. The long-term forecast is a growth of 3% in 2023 and 2.5% in 2024 for the UK property market.
Mortgages may become more expensive with rate rises. However, change in interest rates is hoped to be gradual and slight. Enable’s IFAs in Bishops Stortford can help you shop around with the security of knowing there is also a huge body of experience supporting the information you are sharing.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage