According to a survey from Market Finance Solutions (MFS), which collated responses from 2,000 UK adults, found that 18 per cent wanted to buy a property this year.
This increased to 34 per cent among 18 to 34-year-olds.
The research found that 14 per cent of renters planned to buy their first home and 14 per cent of existing homeowners planned to sell their current property and move this year.
It added that six per cent hoped to buy an additional investment property, which could be a good indicator for the buy-to-let market.
Space was a priority for most prospective buyers, with half of those surveyed wanting more space because they were working from home.
However, two thirds of homebuyers were worried about inflation and rising house prices, and 38 per cent said that long waiting times and complications around securing a mortgage could be a major challenge in purchasing property.
The majority, around 63 per cent said they believed house prices would rise in the next 12 months, whereas 29 per cent said they would stay the same and only eight per cent thought they would fall.
Paresh Raja (pictured), chief executive of MFS, said the figures showed that people “should not expect a sudden slowdown” in the property market, as 18 per cent, equivalent to nine million UK adults, intend to buy a property over the next year.
He added: “Yet our research also underlines the challenges that stand in front of prospective buyers. The so-called ‘race for space’ means that competition for certain properties – such as houses with gardens and spare rooms for home offices – will be fierce.
“Meanwhile, rising inflation, the potential for further interest rates hikes, and delays in securing mortgages, could also act as stumbling blocks for those looking to buy property.”
Raja said forward planning would be crucial for potential homebuyers, which would mean having finances in order, and having a lender that can “act with speed and confidence”.
