Are prospective house-hunters showing a wider post-Brexit resilience in the market?
- 1st December 2016
- Selling Property News
16% rise in new buyer numbers, attracted by more considered property prices
The number of prospective house-hunters has jumped by 16% in a month, according to new figures from the National Association of Estate Agents.
This sharp rise suggests that more considered property prices in the wake of the EU referendum result are attracting buyers back into the market.
This puts the number of potential buyers back to pre-Brexit levels, suggesting resilience in the housing market which should help to prop up values.
The data further shows that transaction volumes to first-time buyers increased in October. Many young professionals are making use of 'the Bank of Mum and Dad' for deposits, taking advantage of current attractive fixed interest rate deals.
Stephen Ludlow, Chairman at ludlowthompson comments, “With the number of would-be homebuyers out there on the rise, confidence appears to be returning.
“In the wake of the Brexit vote, London saw the biggest fall in transactions, and these figures reflect purchasers responding to the opportunity created by more competitive pricing and lower interest rates. We have seen a repositioning of house prices.
"Agents have a responsibility to achieve the best price possible for house sellers, and by being transparent and providing real-time feedback, through the MyAccount system, our agents provide the full information required for collaboration and collective decision making with homeowners to ensure we achieve the maximum price from the marketplace at any given time.
“It is welcome news for London that more people are now looking to buy, particularly as there is currently a shortage of stock. As applicant numbers increase, rules of supply and demand suggest pricing will be supported.
“This should give sellers who may have been putting off plans to move some comfort that the market will weather the turbulence caused by the referendum vote.”
“As we reported recently, new property listings are on the rise, especially in London, suggesting that supply and demand should remain robust looking ahead, and we should have a nice equilibrium going into the new year."
In the wake of the Brexit vote, London saw the biggest fall in transactions, and these figures reflect purchasers responding to the opportunity created by more competitive pricing and lower interest rates. We have seen a repositioning of house prices
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