78% of homeowners remain confident about the strength of the housing market despite current economic uncertainty, a recent survey by estate agency Yopa found.
According to the results, which collected answers from 960 respondents, consumer concerns about the economy don’t directly impact their feelings about the state of the housing market.
In fact, many people have more trust in the property market than ever, with 57.4% of respondents expecting house prices to rise over the next year.
Mike Scott, Yopa’s chief analyst, said: “In difficult economic times the number of homes that are sold can decrease, but there will always be people who need to move house, and so there are always some buyers and sellers.
“In 2009 after the credit crunch there were still over 800,000 homes sold, which is around 2/3 of the number that you would expect in more normal market conditions but is nevertheless a substantial number of homes being bought and sold.
“We expect that the same thing will happen in 2023, with a moderate slowdown in the volume of activity in the market, but with many people still going ahead with their moves.”
Other key statistics from the survey found that 40% of people are less likely to carry out home improvements because of the economy, despite the fact that home improvements can boost overall property value.
Additionally, concerns about rising interest rates were evident, with respondents expecting to implement cutbacks on nights out/eating out (57%), takeaways (54%), and holidays (50%) in order to save money.
However, the vast majority of those surveyed (83%) said there’s little change to the likelihood that they will put their property on the market, and they remain confident that now is the right time to buy and to sell.
Mark Gollan, a local Yopa agent, said: “Within the housing market there are buyers and sellers that can’t avoid a home move. Marriages, divorces, an expanding family, retirement downsizing, and job re-locations are all life events that trigger a house sale.
“The house moves that may be put on hold are aspirational moves, however if you are moving to an area with lower house prices then you still can.
“If you buy and sell in both a buoyant market or a suppressed market the price differential will be similar, the difference is time to sell and, as we are currently finding, mortgage availability and cost. Planning, budgeting and high-quality marketing is the key to making moves happen.”
