71% of buyers are “still confident” about purchasing a new property in 2024 according to property website, On The Market’s latest Property Sentiment Index, which shows nearly three-quarters of buyers in the market expect to purchase a property within the next three months.
Nearly three-quarters of buyers in the market are confident they will purchase a new property in the next three months according to the latest Property Sentiment Index released by On The Market this week, as 56% of vendors also feel “confident” they will make a sale in the first quarter of 2024. Additionally, private lender, Butterfield Mortgages, has reported that 65% of landlords who already own buy-to-let properties say that they are confident their property investments will perform well in the future “both in terms of capital growth and rental returns” after their latest commissioned survey.
“Those who want to get on with the business of moving are doing just that, and where sentiment fluctuates, it’s only by a few percentage points, demonstrating a resilient buyer and seller cohort shaking off what is happening macro-economically and simply getting on with it. Provided property is priced attractively, it is entirely possible to attract serious buyers.” Jason Tebb, Chief Executive of On The Market.‘‘
Looking ahead to 2024, 32% of those surveyed by Butterfield Mortgages have stated that they think house prices will rise with a further 47% believing that the Bank of England’s base rate will decrease.
Despite many reports predicting the UK property market would decrease in attractiveness to investors and that existing landlords would sell their investments; the market has yet again proven its resilience in the face of economic uncertainty and provided investors with security and a stable income.
“After a turbulent two years from both an economic and political perspective, it is noteworthy that two-thirds of UK landlords remain optimistic about how their property investment will perform.” Alpa Bhakta, Chief Executive Officer of Butterfield Mortgages Limited.‘‘
At Beech Holdings we have experienced first-hand the consistent demand from investors and landlords this year both searching for new properties to invest in and earn a stable return in the current economy.
While many have held back their investment purchases in 2023, it’s expected that as the Bank of England’s base rate decreases over the next 12 months more investors will put their money into schemes that are tenanted with assured rental yields – such as our Westpoint and 115 Princess Street investment opportunities that are currently available.
To learn more about the current state of the UK property market or our available investment opportunities to begin planning your portfolio expansions for the new year, get in touch with our team or call directly at +44 (0) 161 791 4600.