Market remains resilient against headwinds despite uncertainty
The latest Property Sentiment Index, released by Property Listing Website, On the Market suggests the UK housing market remained impressively resilient during the recent festive season, despite the holidays being a historically quieter period.
While it wouldn’t have been unsurprising for movers who didn’t urgently need to buy or sell to take it slightly easier over the festive period, and given wider economic headwinds of the current climate, it’s all the more impressive that 71% of UK buyers were confident they’d move within the next three months in December, unchanged when compared to November. Meanwhile, 55% of sellers remained confident they’d sell within three months in December, only one percentage point lower than the previous month.
- 71% of active buyers in the UK were confident that they would purchase a property within the next 3 months;
- 55% of sellers in the UK were confident that they would sell their property within the next 3 months;
- 32% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, compared with 38% in December 2022;
- Mortgage rate reductions bolster confidence and improve buyer affordability.
Housing market activity tends to be muted in December. While those needing to buy or sell plough on regardless, those who don’t have the same urgency tend to take their foot off the gas and enjoy the festivities. However, the market remained surprisingly resilient this time around.
Buyer sentiment continued to be strong in December with 71% of UK buyers confident they’d purchase a property within the next three months, consistent with November. Although vendors can become gloomy at this time of year if their property hasn’t sold ahead of the New Year, 55% of sellers remained confident that they would sell within three months, only one percentage point lower than the previous month.
If you are thinking about coming to market in the coming months, our friendly teams are available to guide you and give you the latest advice on what is happening on the ground where you live.