While buyer sentiment has become more positive, sellers continue to be wary of uncertain economic conditions, according to the latest ‘State of the Property Nation’ report1 from Zoopla. The subsequent COVID-19 outbreak will no doubt have an impact
More buyers eager to make the move
Finding a property in the right location and within budget has always been challenging for buyers, but the good news is that the number of house hunters who have felt frustrated by these difficulties has fallen 5 percentage points in the past year. Meanwhile, nearly a third (32%) of active property seekers say they are more serious about moving than ever before.
Sellers remain wary
The sentiment gap is growing, however, as sellers appear less convinced by the so-called ‘Boris bounce’ and remain wary of ongoing economic instability. In particular, they fear not achieving their asking price, with 31% of aspiring sellers concerned that buyers won’t be willing to pay what they feel their property is worth.
A reason for caution?
Are prospective sellers right to remain so hesitant? Well, perhaps not. Experts predict modest house price growth this year, with Savills2 and Rightmove3 predicting 1% and 2% growth, respectively.
Looking to the future, Savills forecasts a more significant cumulative rise of 15% over the next five years – albeit with significant regional differences. While the true impact of Brexit remains uncertain during the transition period, property-buying firm Good Move has suggested that three-quarters of Britons overestimate the negative impact Brexit has had on house prices4.
Count on us
Property transactions can be a daunting process, whether you’re buying, selling or both, so it’s little wonder that many remain cautious. That’s where we come in. We can assess your financial situation and aim to help you find the most suitable mortgage deal for your circumstances and offer professional advice to help ease your doubts. Just get in touch.
1 Zoopla, 2020, 2 Savills, 2020, 3 Rightmove, 2020, 4 Good Move, 2019
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.