Many portals and mortgage lenders already publish monthly property market indices but now OnTheMarket (OTM) has joined the fray with a new twist.
Rather than track house prices or transactions, OTM’s new index will track vendor and buyer sentiment based on hundreds of thousands of responses from it users captured via its website.
The index claims to be both the largest – because it uses so many people’s responses – and unique because it focuses on buyer and seller confidence as well as mover attitudes towards borrowing.
The index will include average asking prices and time to SSTC as well.
“Featuring our consumer survey which provides both highly relevant and unique insights into consumer confidence around residential property on both a UK wide and regional basis, we believe this to be the largest monthly consumer sentiment index to date in terms of buying and selling residential property in the UK,” says OTM’s CEO Jason Tebb (pictured).
“The reason for our focus on consumer confidence is due to the old but very true adage that ‘sentiment fuels markets’. In the world of residential property, data will only ever provide half the picture.
“There are of course other very well-respected house price indices already in circulation, however, we wanted to do something a little bit different in order to own our own lane.”
OTM says the inaugural index will include regional commentary from member agents including Glentree International, Knight Frank, Dawsons, and Galbraith.
The portal is also planning to refresh its brand with new advertising and portal creative due to be launched soon.
What does the new report say?
- 75.5% of active buyers in the UK were confident that they would purchase a property within the next 3 months
- 84% of sellers in the UK were confident that they would sell their property within the next 3 months
- 28.5% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale,
compared with 8% in June 2020.