Property buyers’ confidence grows, report shows

Buyers’ confidence of the UK property market is beginning to bloom. According to Zoopla’s ‘State of the Property Nation’ survey, confidence among buyers is growing in Britain, which has seen a 5% fall in the number of house hunters whose search has been limited by the supply of properties in the right location and within budget.

The report, which surveyed more than 650 estate and letting agents and around 6,000 property owners and tenants across the UK, found that first-time buyers now deem finding a home in their dream location to be less of a challenge.

Instead, first-time buyers view affordability of a home, saving for a deposit and securing a mortgage as the primary obstacles standing in their way of owning a home.

First-time buyers remain the largest segment of active house hunters in today’s property market. For existing property owners, upsizing is a key motivation for moving. 28% of respondents said moving into a larger home was their principle reason for moving. This was even more prevalent among young families, with 39% of participants of this demographic saying upsizing was their key motivation to move home.

‘Empty nesters’ tend to be more flexible in terms of location, though more than a third of this demographic admit ‘moving to a new location’ as being there principle reason for moving.

Zoopla’s report also shows the number of people actively searching to rent or sell a property in Britain has increased. 32% of participants said they are more serious about buying a property than ever before, with 31% saying they are planning on acting either in 2020 or 2021.

In January 2020 it was announced that first-time buyer numbers had hit a 12-year high, with an estimated 353,436 people buying their first home in 2019, the highest level since 2007.

Renewed buyers’ confidence in the market can be seen as welcome news to the property industry, which continues to show signs of picking up.

If you are thinking about buying or selling a property in 2020, using an auction can be a quick, efficient and cost-effective way to buy or sell a home. Get in touch with Auction House London about buying or selling property at auction.