A significant uptick in prospective property buyers initiating their search before selling their current home has been noted, according to new research from homebuying company Quick Move Now.
The study reveals a 250% surge in such viewings, further emphasising the evolving landscape of the UK property market.
Danny Luke, managing director at Quick Move Now, said: “13% of people viewing properties are currently not proceedable, up from 3.7% last year.
“This increase is a marked difference from 2021/2022. Now, sales volumes have reduced to such an extent that estate agents are happy to entertain speculative viewings from non-proceedable buyers.”
The data in question covers a wide range of properties across England and Wales and offers a comprehensive view of current market dynamics.
Notably, it highlights a 56% decrease in interest from buy-to-let investors and a 22% drop in viewings from first-time buyers.
Luke added: “High interest rates and inflation are cancelling out any financial benefit of lower prices for most first-time buyers. This means many are taking a ‘wait and see’ approach.”
Richard Pope, a software engineer from Wiltshire, shared his experience: “We’ve had a huge amount of interest in our current property but all of our viewings and offers so far have been people who have a property to sell before they’re able to proceed. It’s now more about which buyer can move forward rather than which one is willing to pay the highest price.”
