- A rise in buyer demand with estate agents recording an increase in enquiries of 12% since the August bank holiday. Although this is still 33% lower than last year, buyer demand is now on the same level as 2019.
- Despite higher interest rates and lower consumer affordability, buyers have not compromised on the type of home they are looking for, including the price band. People would rather wait for lower interest rates or a reduction in house prices to get the home they want.
- In Q3 2023, about 40% of buyers are looking for a three bedroomed house – around the same as Q3 2022.
- It is still a buyer’s market, with more homes for sale than 2021.
- Throughout the UK, house prices are down 0.5% in the last year. However, Yorkshire and the Humber show an increase of 0.5%.
- The average discount requested from sellers has increased to 4.2%. This is the biggest discount request since March 2019.
- Sales are on track to meet one million in 2023 – 20% lower than 2022, but still above 2019 levels.
- It is anticipated that mortgage rates may move down towards 4.5% (for a 5-year, 75% LTV fixed rate) in 2024, rather than 2023 and that this is likely to see more buyers returning to the market.
We will continue to monitor the market and house indices and keep you updated.