There are growing signs of stability returning to the residential property market, new research shows.
Sentiment towards the housing market looks positive as buyers grow in confidence, according to Zoopla.
The study found that 31% of buyers active in the market are looking to move within the next year, with upsizing and the need for more space biggest motivator among home-hunters.
Meanwhile, first-time buyers remain the largest buyer demographic outside of London and the South East, with a 40% market share
While buyers are feeling less restricted in their property searches, homeowners and investors are still wary of the ongoing economic uncertainty, with 36% citing this as a concern.
Andy Marshall, chief commercial officer at Zoopla, commented: “With the property market, it’s easy to focus on the hard data like the number of sales, but it’s also important to scratch under the surface to understand what is motivating people to make a move.
“We are seeing a polarisation of the market. Confidence is slowly returning among buyers, but this is moderated by a feeling of caution among sellers, with ongoing economic uncertainty causing them to doubt whether they will achieve the asking price they believe their property is worth. This offers a great opportunity for agents to realign sellers’ expectations whilst also educating them on the resurgence the market has seen in the first month of the year.
“What’s more, there are increasing numbers of people who are active in the property market and those seeking a new property are serious about making a move. This again provides fantastic opportunities to agents to highlight their local knowledge and expertise, bringing together buyers and sellers and helping both to reach their property goals.”
Full Article: https://www.landlordtoday.co.uk/breaking-news/2020/2/recovery-and-confidence-returning-to-the-market