In December, 64% of sellers were confident that they would sell their property within the next three months, a slight increase when compared to November 2022 (63%), according to data from the January 2023 OnTheMarket Property Sentiment Index.
The research also found that 26% of sellers were confident that they would sell their properties within the next six months, while 4% of sellers were confident that they would sell their home within the next nine months.
Buyer sentiment also proved to be optimistic, as 73% of buyers were confident that they would purchase a property within the next three months, and a further 17% of buyers were confident that they would purchase a property within the next six.
Jason Tebb, chief executive officer at OnTheMarket, said: “December tends to be an unusual month as far as the housing market is concerned.
“Yet our data shows that confidence, challenged so significantly after the drama created by the ill-fated mini-Budget, remarkably stabilised in December.
“Our data indicates that 60% of properties were SSTC within 30 days, demonstrating that motivated vendors who priced their homes accurately were still able to transact.
“This figure is a considerable improvement on 42% in November when the market was rocked by the mini-Budget fallout.”
Additionally, the Index found that as a UK average, in December 2022 only 6% of movers were concerned about securing a mortgage to fund the purchase of their next property.
The West Midlands had the highest number of respondents who already had their mortgage Agreement in Principle in place prior to starting their search for a property (21%).
Conversely, it was the North East that had the lowest number of respondents who already had a mortgage Agreement In Principle in place.
Research showed that 26% of movers hadn’t considered applying for a mortgage before starting their property search, with buyers in Greater London the least likely to have considered it.
Tebb added: “It can be tempting to read too much into one set of data but if you thought nothing ever happens in December, this wasn’t the case in 2022.
“It demonstrates yet again that there will always be those who need to move, but properties need to be priced effectively if there is to be a realistic market for those who are serious about buying and selling in 2023.”
