Credit: On The Market
Property Sentiment Index: November 2023 Overview
Cardwells Estate Agents presents the latest insights from our Property Sentiment Index, revealing a sense of stability in the housing market during what is typically a quieter period. With the Bank of England’s decision to maintain interest rates for the second consecutive meeting in November, there are rising hopes that the base rate has peaked, fostering optimism among buyers and sellers alike. Despite slight fluctuations, buyer sentiment remains robust, with 71% expressing confidence in purchasing a property within the next three months, only marginally down from October’s figures. Similarly, 56% of sellers are optimistic about selling their properties within the same timeframe, indicating continued resilience even amidst seasonal variations. Chief Executive Officer Jason Tebb provides further insights into the report, highlighting the steady demand levels observed across various regions. While buyer confidence remains consistent nationwide, seller sentiment exhibits regional variations, with some areas experiencing slight declines. Nevertheless, there is an overall sense of positivity regarding the housing market’s resilience in the face of macroeconomic challenges.
Stability Amidst Economic Uncertainties
The index also sheds light on key trends, including a decrease in properties Sold Subject to Contract within 30 days compared to the previous month. This suggests a rise in stock levels, providing prospective buyers with increased options and prompting sellers to adopt prudent pricing strategies. However, concerns regarding mortgage availability persist, with a notable uptick in apprehension among respondents. Despite this, the ongoing decline in swap rates offers a silver lining, with lenders incentivised to offer competitive fixed-rate mortgages, thereby bolstering buyer confidence. As we navigate through economic uncertainties, the sentiment remains surprisingly positive among both buyers and sellers. The unwavering determination to pursue property transactions underscores the resilience of the market, underpinned by attractive pricing strategies. In the State of the Nation segment, agents from diverse regions share their perspectives, echoing sentiments of cautious optimism and resilience amidst prevailing challenges. Andrew Cardwell from Cardwells Estate Agents in the North West highlights solid demand levels in Bolton, Bury, and Greater Manchester, despite challenges in higher-priced segments. Similarly, agents across Scotland, Wales, the West Midlands, and north London express optimism for the future, buoyed by encouraging market trends and a sense of newfound optimism as we approach 2024.
