The majority of home buyers think their home will sell fast, despite ongoing challenges around the economy, Government housing targets and the recent ending of the Stamp Duty holiday, portal OnTheMarket has revealed.

OTM’s survey of 3,000 home movers highlights strong confidence over transaction timelines. Nearly 40% of sellers expected to secure a buyer within three months, an additional 36% believed their property will sell within three to six months, and only 4% anticipate it will take over a year.

For buyers, 27% think they will find and secure a property within three months, 28% within three to six months and just 7% anticipate the process will take more than a year.

Rental market

The end of the Stamp Duty holiday produced some more mixed results in terms of property availability. According to the report, 39%of agents saw no change in the number of listings, 20% saw an increase and 25% a decrease.

Confidence remains limited in the Government’s pledge to deliver 1.5 million new homes, as only 26% believe the target is achievable and 49% consider it unlikely.

Also, OTM says the rental market continues to be shaped by supply shortages, with 66% anticipating rental costs will increase over the next 12 months, although over half of renters (51%) still believe they’ll secure a property within three months.

The report also revealed public awareness of the Renters’ Rights Bill is low –  37% of respondents have never heard of it, 33% are aware of the Bill but know nothing about it, 8% claim to know a lot about it and the remaining 22% say they know a fair amount about it.