Homebuyers and sellers remain confident despite economic uncertainty

Christina Hoghton
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Christina Hoghton

The proportion of properties sold (subject to contact) within 30 days of being listed rose to 60% in October

Nearly three-quarters (74%) of active buyers in the UK were confident that they would purchase a property within the next three months, said OnTheMarket.

The property portal found sellers were also feeling bullish, with 82% confident that they would sell their property within the next three months, up from 79% in September.

It also found that 60% of listed properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, up from 56% in October 2021.

Jason Tebb, CEO at OnTheMarket, explained: “This increase in the volume of new properties going under offer within the first month of marketing may suggest an urgency among buyers with mortgage agreements secured some time ago, who may be keen to proceed before those offers

“This is understandable as many of these rates will be significantly lower than current mortgage rates, which shot up following Swap rate volatility after the mini-Budget. This could be helping focus buyers’ minds and encourage them to put pressure on their conveyancers to get deals done before the expiry date.

“These buyers are unlikely to want to go back into the market at a higher rate unless they absolutely have to, as it could potentially end up costing them hundreds or even thousands of pounds extra a year.”

Regional swings

The Property Sentiment Index also found some large disparities in buyer and seller confidence across the country.

In the East Midlands, seller confidence that they would sell their property within the next three months rose by eight percentage points in October, while the South West and Wales both saw a seven percentage points uptick in confidence.

However, in the North East, there was a one percentage point drop in seller confidence compared with September.