A recent survey by London lettings and estate agent, Benham and Reeves, reveals the current homebuyer and seller sentiment.
Many participants revealed feelings that the current housing market activity is being exaggerated.
The survey involved individuals in the process of entering the UK property market to buy or sell a property. The continued imbalance of market supply and demand was also a key topic of discussion.
65% of participants were buyers while 35% were sellers.
Buyers and seller sentiment
The vast majority of participants (84%) revealed that they had no plans to change their plans to buy or sell a home.
One of the key changes circulating the news has been lenders pulling a small proportion of available mortgage products in anticipation of further rate increases.
Updates from the news concerning a turbulent market seems to have convinced 16% to no longer buy or sell a home.
When asked if, in the past two weeks, they had changed their plans to buy or sell a home that they were otherwise committed to, a resounding 84% said there had been no change in their plans.
42% believed it had caution and fear about the UK market had been exaggerated while a further 20% trusted it had been greatly exaggerated. 13% revealed they are unsure about the market.
The survey also highlighted that 45% of those surveyed do believe that house price will cool next year. 18% think they will remain unchanged, while 22% believe the market will boost.
Director of Benham and Reeves, Marc von Grundherr, commented: “A rather level headed approach by the UK’s homebuyers and sellers who appreciate that we simply can’t expect house prices to soar by double-digit rates of growth forever and therefore we are likely to see current hot market conditions cool a tad come next year.”
“However, at the same time, they simply aren’t buying into the wider doom and gloom surrounding the market at present, having seen themselves the resilience of bricks and mortar in tough economic times, but also how quickly the market can bounce back following a period of instability.”
“As a result, many remain undeterred in their ambitions to either buy or sell and as they continue to do so, any fears of a property market crash will be firmly laid to rest.”