Rebalancing of the housing market has continued
Over seven in 10, or 73%, of active buyers in the UK were confident that they would purchase a property within the next three months, according to the latest OnTheMarket Property Sentiment Index.
The report also revealed that almost eight in 10, or 79%, of sellers in the UK were confident that they would be able to sell their property within the same period.
In August 2022, 54% of properties were sold subject to contract (SSTC) within 30 days of first being advertised for sale.
“The inevitable rebalancing of the housing market continued in August,” Jason Tebb, chief executive at OnTheMarket, said. “Despite the well-publicised considerable headwinds and ongoing cost-of-living challenges we’re facing, sentiment among homemovers remains robust.”
While the overall sentiment picture remains relatively strong, there are regional variations. Last month saw a marked dip in seller confidence in Greater London with 76% of sellers in July confident they could sell within three months, compared with 85% in June. In August, that figure recovered to 84%. As seller confidence improved in Greater London, it receded in the North East, with 77% of sellers in August confident they would move within three months, compared with 83% in July.
Meanwhile, OnTheMarket reported that gardens remain top of many buyers’ wish lists, with ongoing demand for more outside space a continuing legacy of the pandemic. Parking and a garage were the next highest priority buyer demands across the UK as a whole.
“As we head into autumn, with the cost-of-living set to continue to rise, the expectation is that there may be less buyer competition for property,” Tebb said. “Some may decide not to move due to rising costs, whereas six months ago this may not have been the case.
“Despite all the evidence of a rebalancing of the market, confidence would appear to remain among serious property seekers. The resilience of the UK property-seeking public and how they feel about the market is remarkable, yet provides a key indicator in terms of how UK consumers perceive the long-term value of bricks and mortar.”
