Property sales on the rise

With staggering demand from buyers causing property shortfalls lasting over a year, rising seller enthusiasm is welcome news.

The report collated over August shows that despite the rising costs of living, the UK property market is a flurry of activity. Home mover attitudes are reported as positive, with surveys in the South East producing encouraging results.

Great news for sellers, a significant 33% of local buyers were cash buyers whilst 33% already had a new mortgage confirmed and approved, making the exchange process smoother and more efficient. 27% of buyers hadn’t yet considered a mortgage, whilst only 5% of searchers had any concerns about securing one.

Local sellers are finding buyers as fast as they did in August 2021, as long as a property is priced accurately. 55% of properties placed on the market were sold subject to contract within just 30 days of being online. Seasonal selling and buyer patterns usually experience a dip from July to August, yet the selling rate this year was just 3% lower.

According to OnTheMarket’s Wish List searches, top buyer priorities locally were gardens, parking and garages, with gardens taking first place, an ongoing trend since the pandemic.

September is known as one of the busiest months of the year for new property listings, so it will be interesting to see how buyer demand responds to this. Slightly more choice on the market could stimulate buyer interest in those new to the market, plus those still searching.

As OnTheMarket expressed, UK property-seekers have a high regard in the long-term value of “bricks and mortar”. The purchase of property could well be viewed as a secure investment option during times of financial uncertainty.

If you’re considering selling your property, contact your local branch for an up-to-date valuation or advice. Right now, you could be in with a chance of selling your home for free with our autumn competition.