Estate agents’ big New Year wish? To see interest rates falling
Poll of property professionals sees nearly two-thirds putting falling rates at the top of their wish list.
Agents’ biggest New Year wish is to see interest rates start to fall, according to a new survey.
A poll undertaken by Countrywide Surveying Services found that almost two-thirds (60%) of property professionals wanted interest rates to drop in 2023.
Other top wishes for the New Year were for the cladding dispute to be resolved (17%), while 13% wanted a solution to help first-time buyers find a deposit.
Following on from that, 5% wanted to see the launch of an alternative to Help to Buy, while 3% called for a delay in the raising of EPC standards for tenancies – due to go up to a minimum ‘C’ rating in 2025.
A further 2% sought increased funding for lending.
The poll was held at a webinar staged by Countrywide Surveying Services, a supplier of valuation-panel services.
More than 300 people took part, with the audience consisting of lenders, brokers, surveyors and other property professionals.
Best 2022?
A further poll taken during the webinar, reflecting on 2022, found that half the audience (51%) thought existing homeowners with no mortgage had it best in 2022.
A further 22% suggested that existing homeowners who had held a mortgage for more than 10 years and/or with less than 15 years to go had it best in 2022, while 8% thought that existing homeowners who had only held a mortgage for 10 years of less were the winners.
2023 predictions
Looking ahead to 2023, 60% of respondents thought that existing homeowners without a mortgage would have it best in 2023, with rising mortgages rates in mind.
A further 13% predicted that nobody would have it best, while 10% hinted that existing homeowners who had held a mortgage for over 10 years and/or with less than 15 years to go would benefit most.
Another 9% thought that first-time buyers would benefit, perhaps with falling house prices in mind.
The panel included Graham Sellar, Head of Business Development for Mortgages at Santander UK; Tim Bannister, Director of Property Science Innovation at Rightmove; and David Fell, Senior Analyst at Hamptons International.
The event was hosted by Matthew Cumber, Managing Director at Countrywide Surveying Services.
