The Homebuyer's Pulse: Mortgage Rates, Market Supply, and the Festive Season
Original source: Agent Media
The Homebuyer's Pulse: Mortgage Rates, Market Supply, and the Festive Season
Armed with the results of a recent survey conducted with 980 potential homebuyers, ML Estates, a trusted estate agency in West Hampstead, London, delves into the challenges and sentiments of buyers amidst the current mortgage market fluctuations and the upcoming festive season.
Rising mortgage rates hampers buyers
The findings reveal that the recent surge in mortgage rates has been a stumbling block for many. Specifically, 22% of respondents encountered difficulties in initially obtaining a mortgage, and 25% felt the need to revisit their mortgage offers during their property search.
Mortgage borrowing criteria limits buyer options
Additionally, 32% expressed challenges in identifying a property that matched their mortgage borrowing criteria. Yet, it appears that the main concern isn't solely about the purchasing capacity.
Lack of suitable supply in market a hindrance
A significant 48% of the participants identified a scarcity in housing options as a primary hurdle in their home search. This has led to extended search durations: 23% have been on the quest for their dream home for up to half a year, 20% for between six months to a year, and 19% have been searching without success for over a year.
Christmas not yet a concern for prospective buyers
As the festive season approaches, it's understandable if some buyers consider pausing their home search. Yet, the determination among them remains strong.
A commendable 82% are unwavering in their commitment to continue their search with full zeal, 10% plan to maintain their search but at a slightly relaxed pace leading up to Christmas, and a mere 8% are contemplating deferring their search until the festive season concludes.
At ML Estates, we're dedicated to keeping you informed about market trends and ensuring you're well-positioned to make informed decisions, whether you're buying or selling.
What are eXp saying about the results?
The company behind the survey, eXp, have thoughts on what the findings mean.
Head of eXp UK, Adam Day, commented: “There’s no doubt that higher mortgage rates have led to a greater degree of buyer hesitation in recent months and a good proportion have struggled both when securing a mortgage and finding a suitable property within their purchasing eligibility. But despite the current property market doom and gloom the vast majority remain undeterred in their quest to purchase before Christmas and the biggest obstacle has actually been a lack of stock to fulfil this quest.”
Adam Day concluded by saying: “For the nation’s sellers, this means now is as good a time as any to push forward with your sale. While you may not see your sale complete before Christmas, there remains a high level of motivated buyers buoyed by the recent freeze in interest rates.”
Contact ML Estates to better manage your property market needs
At ML Estates, we are keen to help you sell your home and we offer a wide range of services. We can arrange a property valuation for you, and we can help you connect with willing buyers. If you’re a North West London homeowner looking to sell, contact us today for more information about our property sales services. Call ML Estates on 020 7328 4444 to discuss your requirements.
Source Agent Media
