76% of active buyers are confident of purchasing within three months – OnTheMarket – London Wallet

The OnTheMarket Property Sentiment Index for July 2023 has some interesting headline statistics.

According to the portal, 76% of active buyers in the UK were confident that they would purchase a property within the next three months.

63% of sellers in the UK were confident that they would sell their property within the next three months.

42% of properties went under offer (sold subject to contract) within thirty days of first being advertised for sale, compared to 57% in 2022.

OnTheMarket says the housing market was ‘remarkably resilient’ in July with serious buyers and sellers determined to move despite the ongoing economic conditions, persistently high inflation and the threat of more interest rises to come.

Interest rates being so much of a headline topic it was perhaps surprising that As a UK average, in July 2023 only 6% of movers were concerned (either very worried or slightly concerned) about securing a mortgage to fund the purchase of their next property, unchanged when compared to June 2023.

London, the West Midlands and the North West jointly had the highest number of respondents who already had their mortgage Agreement In Principle in place prior to starting their search for a property (22%). The South West had the lowest number of respondents who already had a mortgage Agreement In Principle in place before starting their property search (15%)

As a UK average, 27% of movers hadn’t considered applying for a mortgage before starting their property search, with buyers in Greater London and the West Midlands the least likely to have considered applying for a mortgage before starting their search for a property (31%).

As a UK average, 35% of buyers surveyed said that they didn’t need a mortgage in order to purchase a property. Greater London had the lowest number of respondents who indicated that they wouldn’t require a mortgage to purchase a property (22%). The South West had the highest number of respondents who indicated that they didn’t need a mortgage to buy their next home (45%)

CEO Jason Tebb said: “There is a growing perception that base rate is near its peak and while rates may plateau rather than fall again immediately, this would at least enable buyers and sellers to plan ahead with more confidence.

“For now, it’s business as usual.”