eXp UK, a leading platform tailored for personal estate agents, recently conducted a study involving 980 individuals actively seeking to purchase homes. This research aimed to gauge the influence of the current mortgage market fluctuations and the impending holiday season on their home search enthusiasm and capability.
At Coakley & Theaker, we are here to walk you through these figures, and provide you with support in the market.
The findings revealed that the recent upticks in mortgage rates have indeed been a hurdle for many. Specifically, 22% of participants faced challenges in obtaining a mortgage initially, and a quarter (25%) found themselves re-evaluating their mortgage offers during their homebuying journey.
Moreover, 32% expressed difficulty in locating a property that aligned with their mortgage borrowing capacity. Yet, the primary concern wasn't solely about purchasing power.
A significant 48% of potential buyers pinpointed a lack of housing inventory as their main challenge. This has led to prolonged searches: 23% have been on the hunt for their dream home for up to half a year, 20% for six months to a year, and 19% have been on the lookout for more than a year without success.
With the festive season around the corner, one might assume many would pause their home search. However, the determination remains strong among buyers. A robust 82% are committed to continuing their search with full vigour, 10% plan to maintain their search but at a reduced pace as the holidays approach, and a mere 8% are considering holding off their search until after the Christmas celebrations.
If you're considering selling your home, understanding these buyer sentiments can be invaluable. Knowing that demand outstrips supply places homeowners looking to sell in a strong position.
Head of eXp UK, Adam Day, commented: “There’s no doubt that higher mortgage rates have led to a greater degree of buyer hesitation in recent months and a good proportion have struggled both when securing a mortgage and finding a suitable property within their purchasing eligibility. But despite the current property market doom and gloom the vast majority remain undeterred in their quest to purchase before Christmas and the biggest obstacle has actually been a lack of stock to fulfil this quest.”
Adam Day concluded by saying: “For the nation’s sellers, this means now is as good a time as any to push forward with your sale. While you may not see your sale complete before Christmas, there remains a high level of motivated buyers buoyed by the recent freeze in interest rates.”
If you have been on the fence about selling your home, we are more than happy to talk you through the process. We can even take you from start to end of the sales process. We are pleased to say we have a strong track record in selling homes in Bury St Edmunds and surrounding areas, as shown by our customer reviews, and we are more than happy to assist you.
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.