Seller confidence has improved in anticipation of the traditionally busier Spring market and interest rate cuts in the months ahead, research suggests.
OnTheMarket’s latest Property Sentiment Index found 60% of sellers in the UK were confident that they would sell their property within the next three months during February, up from 57% in January.
Meanwhile, 65% of active buyers remained confident that they would purchase a property within the next three months.
Jason Tebb, president of OnTheMarket, said: “This may reflect the growing conviction around the likely trajectory of interest rates, with another rate hold in February further confirming expectations that rates have peaked and the next move will be downwards.
“Sentiment suggests buyers and sellers are simply getting on with the business of moving.
“While inflation may still be twice the Bank of England’s 2% target, the worst of it seems to be behind us. Stock levels have increased, as one would expect at this time of year as normal seasonal aspects play out.
“While property prices have come off their peak a little in the past year, indices report a gentle uptick in national average prices rather than a continuing decline in values. As our data shows, there are regional variations with micro-markets behaving differently depending on local demand and stock levels. Overall though, the outlook for the market this year is far more positive than was the case several months ago.”
While there may still be bumps in the road, Tebb said, it the housing market is “morphing into a more sustainable, encouraging state than the boom and bust of the past.”
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