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Majority of vendors are confident properties will sell before the year ends – OnTheMarket

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  • 17/08/2022
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Some 80 per cent of home sellers are sure they will secure a buyer for their property within the next three months.

OnTheMarket’s property sentiment for July showed this was flat on June’s attitude towards the market, when 81 per cent of sellers believed they would sell their homes within a three-month period. 

Buyers appeared to be equally positive about movement in the market, with three quarters saying they were confident they would purchase a property within the next three months. This response was also flat on June’s sentiment. 

The property portal firm said in July 57 per cent of properties were sold subject to contract (SSTC) within 30 days of being advertised, which was a fall on the 60 per cent of homes in the same position in June. 

Scotland was the region where homes were SSTC in the quickest time, with three quarters of homes being snapped up within 30 days. London was the slowest with 47 per cent of homes secured within a month. 

London also had the most number of properties taking 120 days or more to reach SSTC status at 14 per cent, while Scotland had the least at three per cent. 

The survey collates around 120,000 responses each month. 

 

Confidence in mortgage availability  

Just four per cent of movers were either very worried or slightly concerned about their ability to secure a mortgage to fund their next property purchase in July, which was unchanged from the previous month. 

Some 35 per cent said they already had an agreement in principle in place while 34 per cent said they did not need a mortgage. 

Buyers in London were more likely to require a mortgage to fund their next purchase with just 17 per cent saying they would not need one. This was compared with the South West where the highest proportion of movers, 48 per cent, did not need a mortgage. 

A quarter of movers had not considered applying for a mortgage before beginning their property search with those in Greater London being the least likely to, with this segment rising to a third in the capital. 

Jason Tebb, chief executive of OnTheMarket said serious buyers remained committed to going ahead with plans. 

He added: “Despite the rising cost of living, our data shows that sentiment was largely unchanged in July. 

“Buyers may also be motivated by rising interest rates as the Bank of England attempts to bring inflation under control. They may feel they need to secure a mortgage and make their purchase now, while rates are still relatively manageable and before affordability is squeezed further. Despite rising rates, it is still a relatively cheap time to borrow money; in a few months’ time, the picture could be very different.” 

Tebb said sellers’ confidence and buyers’ keenness to secure rates pointed to a housing market which was “ticking along”. 

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