Buyer confidence returns but sellers remain cautious about achieving the right price – Zoopla

Buyers are more confident about making a house purchase but sellers remain concerned about economic uncertainty and getting the right asking price, Zoopla claims.

The latest figures coming out of the portal’s annual State of the Nation report show that 31% of people hoping to buy are now active in the market.

The research found buyers are less concerned about location and more concerned about affordability such as raising a deposit and securing a mortgage.

Moving to a bigger home was the most referenced reason for purchasing a new property, with 28% of respondents citing this as their key driver for house hunting.

Despite an increase in buyer confidence, home owners and investors surveyed said they are still wary of the ongoing economic uncertainty, with 36% citing this as a concern.

Almost a third of potential sellers, 31%, were also fearful of not achieving their asking price.

The research is based on a poll of 6,000 home owners, renters or potential buyers conducted in the fourth quarter of 2019 so it is possible that their views have changed given the General Election result and progress with Brexit since then.

Andy Marshall, chief commercial officer at Zoopla, said: “With the property market, it’s easy to focus on the hard data like the number of sales, but it’s also important to scratch under the surface to understand what is motivating people to make a move.

“We are seeing a polarisation of the market.

“Confidence is slowly returning among buyers, but this is moderated by a feeling of caution among sellers, with ongoing economic uncertainty causing them to doubt whether they will achieve the asking price they believe their property is worth.

“This offers a great opportunity for agents to realign sellers’ expectations whilst also educating them on the resurgence the market has seen in the first month of the year.

“What’s more, there are increasing numbers of people who are active in the property market and those seeking a new property are serious about making a move.

“This again provides fantastic opportunities to agents to highlight their local knowledge and expertise, bringing together buyers and sellers and helping both to reach their property goals.”


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One Comment

  1. Woodentop

    Hello Zoopla, this has been the case for 100 years, nothing new.


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