Eight out of 10 vendors say their property will sell in three months
Eight out of 10 (82%) vendors are confident that they will sell their property within the next three months.
Eight out of 10 (82%) vendors are confident that they will sell their property within the next three months, latest data from OnTheMarket reveals.
Meanwhile three quarters (74%) of active buyers are confident that they would purchase a property within the next three months.
Jason Tebb, Chief Executive of OnTheMarket says that how long properties take to sell is one of the key indicators of the health of the housing market and data shows this strengthened in October with six out of 10 properties sold subject to contract within 30 days of being advertised.
Tebb adds: “Despite macroeconomic headwinds and predictions from many estate agents that property prices will fall next year, serious sellers and buyers alike remain keen to proceed.
“Some stability has returned to the market with the appointment of Rishi Sunak as Prime Minister and the reversal of many of the mini-Budget measures. However, mortgage rates remain significantly higher than they were this time last year.”
DIPPED
Elsewhere, Propertymark reports that the number of new applicants registering per member branch and the number of viewings per branch fell slightly in October when compared with September, while the number of new properties put up for sale also dipped.
And the average number of new prospective tenants registered per member branch in October fell by 42% on the month before.
We are on the cusp of seeing the sales market hand back purchasing power to buyers.”
Nathan Emerson, Propertymark Chief Executive, says: “For the first time, our figures indicate that we are on the cusp of seeing the sales market hand back purchasing power to buyers which is a trend we haven’t seen in months as the market was very much in the seller’s favour.
“Signs of balance within the market is also being seen as competition for homes starts to slow which will allow the number of properties available to buy to fall back in line and a return to a more realistic and sustainable market.”
I’m not sure what this article is suggesting. 8 out of 10 vendors saying “their property will sell “ based on what? A reading from Mystic Meg? If they’re saying they’ll reduce their prices to effect sales, that’s good news for them and for the market in general. In an economic climate where £400 a month added pressure on household budgets equals payments that might have been made on £80,000 mortgages at 3.5%, (the case even before Kwarteng’s budget) FTBs face incredible challenges. A market without FTBs isn’t a viable market for most. Isn’t it about time that everyone stopped spinning and just got down to bringing the ship back to an even keel? In other words, stop holding out hope to vendors that it might all go away. Start getting prices to a level where houses will sell. The sooner that happens the sooner the downturn will bottom out. Say ‘no’ to testing the market at higher prices. Say ‘no’ to adding 10% to allow for offers. Explain to vendors moving up market they’re better off more that prices are falling. Point out to buyers that 50 years ago the average price was under £4000 and that between then and now the market has’collapsed’ several times. But don’t run away with the idea that buyers can afford to pay the prices they were paying. They just can’t.
In London SW11 according to Rightmove there are 1118 properties currently available for sale.
RightmovePlus gives a figure of 553 properties (49%) which have been on the market for over 12 weeks.
Nearly half of these properties which are sticking are on with agents, who justify their higher fees by giving inflated valuations. Turning to the figures showing the number of properties where the price has been reduced, show almost exactly the same agents!
Robyn, we are back to the definition of selling. Why do we continue to use such miss leading terminology. In any other walk of life if you have sold something it is done and dusted. Eight out of 10 (82%) vendors are confident that they will sell their property within the next three months. Should this be reading “Eight out of 10 (82%) vendors are confident that they will agree a sale of their property within the next three months.”
We all know conveyancing takes longer.
These articles are always so laggy, they always say what we are on the cusp of when it happened months ago! Let’s write an article stating the obvious. As for vendors, I’m amazed it’s not 99%.