You are here: Home - News -

Majority of buyers in UK confident of purchase within three months – OnTheMarket

  • 16/09/2022
  • 0
Majority of buyers in UK confident of purchase within three months – OnTheMarket
Nearly three quarters (73 per cent) of active buyers on the residential property website in the UK in August said that they were confident they would buy a place within the next three months.

That figure was down slightly from 75 per cent in July as Britons grappled with the cost of living crisis.

Among buyers in the survey, 19 per cent said they thought they would buy a property within six months, up slightly from 18 per cent in July, while five per cent figured it would happen within a year, up marginally from the four percent who felt that way in July.

Still, 79 per cent per cent of sellers said they believed they would sell their property within the next 90 days, slipping from the 80 per cent who said that in July. 

Fifteen per cent of sellers figured they would sell their properties within six months while four percent thought it would take a year.


Key indicator

The length of time that properties take to sell is considered a key indicator of the strength of the housing market.

OnTheMarket said 54 per cent of properties were sold subject to contract (SSTC) within 30 days of first being advertised for sale, the same percentage that sold a year earlier.

The questionnaire also found that on average in the UK, only four per cent of those moving house said they were either very worried or slightly concerned about being able to secure a mortgage to pay for their next home, a figure that held steady from July.

Regional differences were clear:  Greater London had the most respondents (42 per cent) who said they already had a mortgage agreement in principle (AIP) in place before even starting to search for a property to buy. In contrast, Scotland registered the lowest (26 per cent).


Over a third don’t need a mortgage

On average, 36 per cent of UK buyers who responded said they did not need a mortgage in order to purchase a property.

The property sentiment index results are collected by way of questions answered by visitors to the OnTheMarket website. The company says it averages 120,000 total responses per month.

OnTheMarket said that as autumn unfurled and inflation remained a factor in daily lives, “the expectation is that there may be less buyer competition for property.

“September tends to be the biggest listing month of the year after May, and with August seeing the highest stock levels since April 2021, this increase in the number of homes for sale may coincide with potentially fewer buyers. Some may decide not to move due to rising costs, whereas six months ago this may not have been the case.”

However, the company added that confidence seemed to be solid among serious seekers of ‘bricks and mortar’.

There are 0 Comment(s)

You may also be interested in