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Second-time buyers will be a focus for 2022 – Skipton BS

  • 06/12/2021
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Second-time buyers and those returning to city centre living will be market segments to focus on next year, Skipton Building Society said.


Speaking on Mortgage Solutions TV in association with Skipton Building Society, in response to how lenders would react to the changing market, Paul Fenn (pictured), director of business development said the second-time buyer market would be an “interesting dynamic”. 

Mentioning the prediction that mortgage lending would reach £300bn excluding product transfers next year, Fenn said this hinted at the market becoming a “more competitive landscape”. 

He added: “From a Skipton perspective we’ll continue to make sure we’re in the right segments in the right sectors.” 

Fenn also said there were murmurings of people returning to cities following reports of purchasers making use of the stamp duty holiday to relocate to larger properties in rural areas. 

Referencing data from Rightmove, he added: “The most recent information I’ve heard is that city centre dwelling enquiries are up above 35 per cent.  

“Does that suggest that buyers are now going back to the cities or considering staying in the cities?” 


Affordability challenges and rising house prices 

Fenn said although lending was set to rise and the market was expected to be busy next year, affordability would continue to be a challenge. 

He said data suggested that the average income in the UK would rise by three per cent in 2022 but asked how this would compare to lower increases in house prices of one to two per cent in London and the South East and surges of six or seven per cent in the North. 

“It will be interesting to see where house prices go versus increasing income.”  

Watch the video below [7.04], hosted by Shekina Tuahene, commercial editor at Mortgage Solutions and featuring Charlotte Harrison, head of mortgage products and Paul Fenn, director of business development at Skipton Building Society alongside Clare Beardmore, head of broker and propositions at Legal and General Mortgage Club. 



This is a sponsored video in association with Skipton Building Society. For Intermediary Use Only

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