Home-Hunters Want to move, but sellers are that keen....
So, what’s the mood like in today’s housing market? A new ‘State of the Property Nation’ report* noted growing eagerness among would-be buyers, with nervousness about the economy causing sellers to hold their fire. The subsequent COVID-19 outbreak will no doubt have an impact.
Buyers becoming more bullish
Finding the right property at the right price is always a challenge for home buyers, but the good news is that the number of house hunters feeling frustrated by these difficulties has fallen five percent in the past year. Meanwhile, almost a third (32%) of active property seekers say they are more serious about moving than ever.
Home sellers not sure about asking prices
It appears that sellers are less convinced by the so-called ‘Boris bounce’ than buyers and remain cautious over ongoing economic instability. Sellers seem particularly worried about 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.
Are prospective sellers justified in feeling so anxious? Well, maybe not. Experts predict modest house price growth this year, with two leading estate agents predicting growth of between 1% and 2%.
Looking further ahead, one leading estate agent forecasts a significant, albeit cumulative rise in house prices of 15%, over the next five years – but is cautious over regional differences. And, while the true impact of Brexit might remain uncertain during the 2020 transition period, it seems that three-quarters of Britons overestimate the negative impact the whole Brexit process has had on house prices
Buying or selling
Whether you’re buying, selling, or both, property transactions can be daunting, so it’s little wonder that many remain cautious. That’s where MDFS can help. We can assess your financial situation; help you find the right mortgage deal for your circumstances and offer professional advice to ease your doubts.