Buyer Confidence Growing

Growing confidence in the property market and lower mortgage costs led to a 21% increase in the number of house hunters submitting offers for properties, according to our January data. 17% more properties were put onto the market for sale and 7% more owners have requested market appraisals, signalling that more people are now ready to start or resume their plans to move home.

Head of Sales, Matt Thompson, says: “The boost in buyer activity is exactly what many sellers have been waiting for. Buyers have become increasingly confident since December, when interest rates were held at 5.25% and mortgage rates started to come down. This sentiment carried through to January and with more properties now on the market, we expect to see increasing numbers of buyers, additionally driven by pent-up demand from those that did not feel comfortable moving forward with their search last year.

“We are seeing all types of buyers now entering the market, including first-time buyers, young couples joining forces to achieve a joint upgrade and people that live outside of the capital and require a pied-à-terre to avoid lengthy daily commutes.”