Buyers and sellers more positive about market despite mortgage pain
New research from the estate agency reveals the most upbeat sentiment among movers since February last year.
Upsizers and downsizers are set to drive a bounce back in the housing market, according to Savills’ latest survey of homebuyers.
Commitment to move among buyers has returned to levels not seen since February last year despite higher mortgage rates and wider market uncertainty.
Latest findings suggest a more positive attitude towards budgets and financing, alongside an increased commitment to move among relocators, upsizing families, downsizers and even affluent first-time buyers.
Upsizers (+26%) and downsizers (+34%) have seen the most significant upturn in commitment for the next three-to-six-months (compared with -1% and +7% when asked in November).
Downsizers (+41%) are also the most committed in the long term (12-24 months) along with those looking to relocate (+38%).
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A lack of stock remains an issue for prime buyers, with the majority (77%) still saying that it is having an effect on their ability to purchase a home, rising to almost nine in 10 of those looking to upsize their property.
Frances McDonald, Director of Residential Research, SavillsFrances McDonald, director of residential research at Savills, says: “This is a significant shift in sentiment after the marked dip in confidence we saw towards the back end of last year.
"It’s a good sign that the market is moving in the right direction.”
“Families, in particular, are coming back to the market in search of more space, particularly as build costs climb and appetite to extend and improve is dampened.
“While this increased optimism has yet to translate into more mortgage approvals, it’s a good sign that the market is moving in the right direction.”
source:thenegotiator.co.uk