Credit: OnTheMarket
Property Sentiment Index: February 2022 Reveals Positive Market Trends
Cardwells Estate Agents welcomes the positive indicators revealed in the latest Property Sentiment Index for February 2022. Despite prolonged economic uncertainty, the property market exhibited signs of returning to a more stable footing. With 65% of active UK buyers confident in purchasing a home within three months, and 60% of sellers similarly optimistic about moving within the same timeframe, February showcased resilience in the face of macro-economic challenges. Our President, Jason Tebb, shares insights into the market’s trajectory, noting a shift towards a more conventional seasonal pattern. Buyer confidence remains robust, mirroring January’s figures, while seller optimism has seen a slight uptick. This renewed conviction aligns with expectations of stabilising interest rates, providing a favorable environment for property transactions.
Cardwells Estate Agents Reflects on a Promising Start to the Year
Embracing the ‘New Normal’ in Mortgage Rates
Despite growing concerns among borrowers regarding mortgage affordability, the market has adjusted to higher rates, averaging around 4 to 4.5%. This adjustment reflects a healthier lending environment compared to unsustainable rates witnessed previously. As borrowers adapt to the evolving landscape, our data indicates increased property transactions, with a notable rise in properties sold within 30 days of listing.
Regional Insights and Optimism Across the Nation
Agents nationwide echo sentiments of resilience and optimism, signaling a positive outlook for the property market. In Greater London, increased buyer registrations and sales agreements signify a market ripe for growth. Similarly, the North West observes heightened activity, offering buyers a broader selection of properties.
Andrew Cardwell’s Perspective: Continued Strength in the North West
Andrew Cardwell of Cardwells Estate Agents reports strong performance in the North West market. He notes that their offices surpassed new instruction targets for the month comfortably, building on strong levels seen in January. Despite dwindling hopes for immediately falling interest rates, sales agreed levels remained robust, indicating sustained momentum in the region. As we transition into spring, traditionally a bustling period for the housing market, these trends bode well for continued growth and stability. While challenges may persist, the property market’s current state offers a beacon of hope amidst uncertainty, setting the stage for a promising year ahead.
