Credit: Inside Conveyancing
Cardwells Estate Agents: Insights from the ONTHEMARKET Property Sentiment Index December 2023
Cardwells Estate Agents is pleased to share insights from the recently published ONTHEMARKET Property Sentiment Index for December 2023, providing valuable data based on November 2023 figures. The report highlights several key points, including the confidence levels of active buyers and sellers, regional variations, and emerging trends in the housing market. Notably, amidst ongoing economic uncertainties, buyer sentiment remains steadfast, while seller confidence experiences nuanced shifts across different regions. Despite the typical seasonal slowdown observed in November, the sentiment among active buyers remained largely consistent, with 71% expressing confidence in purchasing a property within the next three months. Conversely, seller confidence saw a slight dip, with 56% confident of selling their property within the same timeframe. This resilience in seller confidence is particularly noteworthy considering the festive period and January, typically slower months for property transactions. Regionally, significant variations in seller confidence were observed, with Scotland witnessing a 6 percentage-point decrease, while the East Midlands saw a 7 percentage-point increase. These regional nuances underscore the diverse nature of local property markets, influenced by a myriad of factors unique to each area. The index also sheds light on the pace of property transactions, with 33% of properties Sold Subject to Contract within 30 days of listing, indicating a slight decrease from the previous month. This trend suggests a rise in stock levels, providing more options for prospective buyers and emphasising the importance of competitive pricing for sellers.
Key Trends and Regional Perspectives
Amid growing concerns about securing mortgages, attributed partly to an uptick in property prices, there is a glimmer of optimism in the form of falling swap rates, prompting lenders to offer fixed-rate mortgages below 4.5%. Despite the shift towards a higher-rate environment, buyer and seller confidence remains resilient, reflecting a steadfast commitment to navigating market challenges and seizing opportunities. In addition to the national overview, insights from agents across the country provide valuable regional perspectives. Andrew Cardwell from Cardwells Estate Agents notes solid demand levels in the Bolton, Bury, and Greater Manchester sales market, particularly in the middle and lower price brackets. In Scotland, David Corrie at Galbraith emphasises the importance of realistic pricing to attract interest, while in Wales, Melfyn Williams at Williams & Goodwin anticipates renewed confidence in the New Year market. Overall, the property market demonstrates resilience and adaptability in the face of economic fluctuations, with optimism prevailing as we head into 2024. Despite uncertainties, proactive strategies such as realistic pricing and leveraging lower mortgage rates continue to drive transactions and foster a positive outlook for the future.
