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Buyer Optimism Builds Momentum in UK Housing Market

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Tue 02 Apr 2024

Buyer Optimism Builds Momentum in UK Housing Market

As a seasoned estate agent in Bury St Edmunds, I've witnessed first-hand the uncertainties and hesitations that can grip the housing market. It's no surprise that a whopping 82% of respondents in a recent survey by Home Sale Pack, which polled over 1,000 active UK property buyers, put their plans on hold until after the Spring Budget announcement. This collective pause is a testament to the importance of gathering as much information as possible before making a move in the ever-changing world of real estate.

While the Spring Budget may not have brought about any earth-shattering changes to the housing landscape, it's crucial to remember that there will always be risks and challenges to navigate when buying or selling a property. As the General Election looms on the horizon, some may find themselves once again gripped by uncertainty, pondering the potential impact on the market.

Sometimes, you need to act

However, there comes a time when one must take the leap and make a decision, whether to move forward with a property transaction or to stay put. The Spring Budget seems to have served as a catalyst for many, prompting them to finally take action. In fact, we've already seen a notable uptick in the number of people seeking our guidance and expertise in the local Bury St Edmunds housing market.

As an estate agent, my role is to help clients make informed decisions by providing them with the most up-to-date information, insights, and support. Whether you're a first-time buyer, a growing family in need of more space, or a downsizer looking for a cosy retreat, I'm here to help you navigate the unique challenges and opportunities that the Bury St Edmunds property market has to offer. Together, we can turn hesitation into action and make your housing dreams a reality, one carefully considered step at a time.

There is a determination amongst hopeful homebuyers

Ruth Beeton is the co-founder of Home Sale Pack, and has shared her thoughts on the survey, and on the topic in general. Ruth said: “There is clearly a real determination among hopeful homebuyers. They have been waiting for the market to settle down and hoping for some kind of government-led intervention to make buying that little bit easier, but even though no such incentives have been provided, and even though interest rates are yet to start falling, most buyers are gallantly holding firm and pushing forward with their plans to buy.”

Ruth also said: “It seems that one definite concern is that rates will once again increase, but it’s unlikely that this is going to happen. We fully expect to start seeing rates come down this year, and this increased affordability will result in a surge of buyer demand on the market.”

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.