Fri 07 Feb 2020

Property market insight - what are buyers and sellers thinking?

Property market insight - what are buyers and sellers thinking? - BalgoresOur news

Now we're well into 2020, many buyers and sellers will already be a long way into their property journey. If, however, you're just starting out, there's a lot you can learn from what's currently going on in the market.

Following December's general election victory for Boris Johnson and the Conservatives, there has been a well-documented property market bounce with confidence returning to a previously shaky market.

Demand for homes, people looking to sell, prices and transactions are all reported to be on the rise, but what are people currently moving home thinking and how could it affect you?

Buyers are active and committed

Those looking to purchase a property are not willing to give up and are keen to get a deal done, according to research by Zoopla.

The portal's State of the Property Nation report revealed that almost a third of prospective buyers are more serious about moving than ever before, while 31% say they intend to act decisively on their property searching this year.

Meanwhile, two fifths of over 6,000 consumers surveyed said they know exactly which property they want to buy or which street they want to live in.

If you're selling a property, dealing with these committed types of buyers is your ideal situation. It means you'll come into contact with fewer timewasters, while buyers will be keen to get a deal done quickly and may be willing to pay more to get the keys to their dream home.

Financial matters are the biggest challenge

For many buyers, raising enough money for a deposit is their biggest challenge and this can delay them from coming to market, meaning sellers have less buyers competing for their homes.

According to Zoopla's research, saving for a deposit remains the primary challenge for first-time buyers, followed by securing a mortgage. Despite this, first-time buyers are reportedly the largest active buyer demographic in the current market.

Raising a deposit will remain a challenge for many buyers, but it's encouraging for sellers to see that first-time buyers are not being deterred by affordability issues.

Meanwhile, schemes like Help to Buy and stamp duty exemptions for first-time buyers continue to help them on to the property ladder and keep the market moving.

Increased political certainty following the election has injected fresh confidence into the market and will help to encourage buyers to make decisions in spite of any challenges they face.

In another sign of the resurgent market, buyers said they felt less restricted in their property searches so far this year, with fewer issues over budget and location.

However, other common concerns were ongoing economic uncertainty - likely to be linked to the Brexit transition period. For sellers, perhaps unsurprisingly the most significant concern was failing to achieve their asking price.

What properties are people looking for?

Buyers looking to move to a bigger home this year- known as upsizers - are the most common, according to the Zoopla research.

Meanwhile, empty-nesters - parents whose children have moved away permanently and are often looking to downsize - have indicated they are more flexible over location.

Many of these buyers will be looking to move closer to family or seeking to move to a new location.

If your home is suitable for either the upsizer or empty-nester demographic, it could be beneficial to target your marketing campaign accordingly.

Think about which qualities and amenities will be most of interest to your target market and promote these in your advertising and make sure they are prominent during viewings.

Having an understanding of the various buyer markets and what they're looking for can be really useful when selling your home.

To find out more about selling your home across Essex, Kent or London with Balgores Property Group, you can get in touch with a member of our team at one of our many branches.

What’s more, if you would like to discover how much your home could be worth in the current marketplace, you can request a free and instant online valuation.

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