One in six ‘seriously considering’ buying a home, new stats reveal
Research by Cala Homes shows that 16% of Brits believe the time is right to take the plunge into the housing market.
Around one in every six Brits is now considering buying a property, encouraging new statistics reveal.
A poll of 2,000 adults found 16% are considering purchasing a home now mortgage rates are falling.
And the survey by Cala Homes discovered that 27% of those considering a house move agreed things are looking more positive.
New homes
A fifth of prospective buyers are considering moving in the next 12 months, believing there are more new homes on the market in their area, with 44% of the total sample considering buying a new build when they next move.
People [are] gaining confidence that 2024 could be the right time to move.”
Allan Walker, Director of Sales and Transformation at Cala, says: “There are signs of optimism in the housing market, with people gaining confidence that 2024 could be the right time to move.
“Buying incentives and stabilising mortgage rates have encouraged the view that the upcoming year holds promise for a more favourable landscape,” he says.
“It seems many are now more inclined to explore opportunities around moving home.”
Property jargon
However, 61% feel confused by the jargon associated with the home moving process.
Phrases like ‘desk underwriting’, ‘stock plots’ and ‘porting your mortgage’ were found to be among the most perplexing house move terms.
Scratching heads
It also emerged ‘indemnity insurance’, ‘deposit unlock’ and ‘capital gains tax’ have left buyers and sellers scratching their heads.
As a result, 41% admit they have moved home in the past without fully understanding the language used throughout the process.
And 45% of these went on to say because they go through the process so infrequently, it is easy to forget what words and phrases mean.
