Despite a backdrop of the Ukraine crisis, soaring fuel bills, rising interest rates and high inflation, buyer sentiment remains strong according to the latest snapshot from OnTheMarket.
Its new survey, released this morning, says 75 per cent of active buyers in the UK are confident they will purchase a property within the next three months - while 82 per cent of sellers were confident they would dispose of their home in the same period.
Some 61 per cent of properties were Sold Subject to Contract within 30 days of first being advertised for sale, compared with 43 per cent in February 2021, the portal adds.
OTM says the confidence is well placed because while more stock is coming onto the market, it’s not keeping pace with pent-up demand.
However, the portal accepts that the overall market backdrop is undeniably more stable than the hectic scenes witnessed last year, although it remains faster-paced than prior to the pandemic.
It says that with property prices still rising, sellers may be tempted to wait so that they get the maximum for their home but with many of them also moving up the ladder, the trading gap is widening all the time.
“They may achieve a higher price for their home but will spend more on the next one; and if we see double-digit price growth this year, they may even be priced out of their upgrade” says the portal in a statement.
“This faster-paced market doesn’t offer much opportunity for taking your time to come to a decision. With competition for available stock strong, buyers who aren’t organised and prepared to be decisive face missing out.
“Overall, however, this high-activity market and continued rise in positive sentiment, against a uniquely challenging backdrop, are promising signs for the UK housing market in the weeks and months ahead.”