Buyers are set to include a new home on their Xmas shopping list, according to new research from eXp UK.

Despite reports of a housing market slump, 82% of buyers will keep trying to find their next home in the run-up to the festive period, the findings show.

Around 10% will keep looking but be less active, and only 8% say they intend to postpone their search until the New Year.

Turmoil

eXp commissioned a survey of 980 homebuyers to find out how current mortgage market turmoil and the fast approaching Christmas break are impacting their impetus and ability to search for a new home.

The results show that recent rises to mortgage rates have posed problematic for some, with 22% of those surveyed struggling to secure a mortgage to begin with, while 25% stated they had to reassess their mortgage offer.

A further 32% said they struggled to find a home that was suitable based on their mortgage borrowing eligibility.

Significant problem

For nearly half of buyers, housing stock is presenting a significant problem, with 48% saying low availability is creating difficulty.

This struggle means that 23% have been searching for their ideal home for up to six months, a further 20% have been scouring the market for six months to a year, while 19% have been hunting for over a year.

The vast majority remain undeterred in their quest to purchase before Christmas”.

Adam Day, head of eXp UK, says: “There’s no doubt that higher mortgage rates have led to a greater degree of buyer hesitation in recent months, and a good proportion have struggled both when securing a mortgage and finding a suitable property within their purchasing eligibility.

“But despite the current property market doom and gloom, the vast majority remain undeterred in their quest to purchase before Christmas”.