GREYCOAT REAL ESTATE INSIGHT ON THE LATEST INCREASE IN BUYER DEMAND FOR MORTGAGE
GREYCOAT REAL ESTATE INSIGHT ON THE LATEST INCREASE IN BUYER DEMAND FOR MORTGAGE
At a headline level, the month of February has started off with an increase in buyer demand for pent-up and mortgage, as Greycoat specialists comment. This housing momentum was not witnessed in the first weeks of January this year. The buyer demand level is at 11%.
This is an increase compared to last year. All throughout the United Kingdom, the number of buyers has also increased. However, London leads the pack followed by North West and North East. According to Greycoat Real Estate, stretched home affordability has led London’s housing market to fall behind the rest of the UK for seven years running since 2016.
Although London’s prospects are improving due to better value for money, the property market is still quite pricey. One of the most practical methods to examine the state of the property market is to check the patterns in the volume of agreed deals in house sales. As Greycoat specialists assure, if more sales are sealed by buyers and sellers, this is an indication that the market is healthy.
Many people are able to realize their goals of owning and moving into their new homes. As market confidence improves, more sellers are entering the market. This is evident with the number of homes listed for sale. According to Greycoat Real Estate, the number of new homes on the market is up 10% from a year ago and is the highest since 2020.
Summary
It’s expected that the rising activity in the market will go on for months. There is a balance between buyers and sellers. This has not been witnessed for three years. Sellers need to remain sturdy and positive when engaging the ground. On the upside, finding a buyer is effortless but this will mean a bigger room for negotiation.