This is despite the expectation that many businesses will face challenges in the next 12 months
Almost two-thirds, or 64%, of property professionals remain confident about their business over the next 12 months, a webinar poll undertaken by Countrywide Surveying Services (CSS) found.
This is despite economic challenges, with the latest seeing UK inflation rate rising to a 40-year high of 9.4% in June.
“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,” John Baguley (pictured), director of technical, risk and compliance at Countrywide Surveying Services, said.
“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.”
Read more: How confident are buyers and sellers amid housing market headwinds?
The online survey of over 300 people consisting of lenders, brokers, surveyors, and other property professionals also asked the respondents whether they expect the property market to rise, fall, or remain static.
Almost half, or 49%, said the property market will remain static, while 32% suggested that it will fall and 19% thought that it will rise.
When asked which part of the market could possibly be the most impacted negatively over the next 12 months, 40% pointed to the buy-to-let or rental market, while 27% chose the owner occupier market. A third, or 33%, said that they are likely to be impacted equally.
When it came to the biggest drivers impacting the market, CSS said half of the respondents (50%) indicated that the cost-of-living crisis 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%, and increased taxation 6%.
“The next 12 months are likely to generate a number of challenges for a variety of businesses,” Baguley said. “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.”
