UK Property Market In Good Shape

The “frenzy” of the last two years may be over but confidence levels amongst the UK’s vendors remain high, reports Abode2 luxury property magazine, with 82% expecting to sell within the next three months.

Despite some increasingly ominous things happening on the horizon, the national figure was unchanged on the previous two months (February and March). The East Midlands even saw an uptick in confidence (from 75% to 82%).

Sentiment has dropped off in London somewhat, but remains in line with the national average (down from 86% in March).

76% of active buyers in the UK were confident they would make a purchase within the next 12 weeks.

The latest industry report from On The Market also confirms that 63% of UK properties listed on the site were SSTC within 30 days of first being advertised for sale – up from 54% in the previous month – with regional variations ranging from 50% in London, to 79% in Scotland.

More than a third of buyers already had a mortgage agreement in principle in place in April; only 1% of movers were “very worried” about mortgage availability.

Price growth may start to moderate as the number of new listings is “slowly increasing”, although “the fundamental lack of stock at the present moment means that values will hold at a certain level”.