April 2023 has brought renewed optimism for homebuyers and sellers, as revealed in the latest OnTheMarket Property Sentiment Index.
The data shows that 71% of active buyers were confident of purchasing a property within the next three months, while 63% of sellers believed they would successfully sell their property within the same timeframe.
However, the percentage of properties sold subject to contract (SSTC) within 30 days of being listed fell to 45% compared to 64% in March 2022.
According to OnTheMarket CEO, Jason Tebb, this indicates the market’s ongoing rebalancing process.
Tebb said: “As the days grow longer and warmer, the green shoots of the housing market are increasingly evident.
“Our data suggests remarkable resilience in the face of significant macro-economic turmoil; and despite considerable headwinds, the homebuying public is pressing on.
“As well as an increase in confidence among buyers, our data also shows a small increase in confidence among sellers who were confident they’d sell their property within the next three months.”
There are regional variations in the market, with seller confidence in the East of England falling from 65% in February to 60% in March, while seller confidence also slipped in Wales, from 64% of sellers confident they’d sell their properties in the next three months in February to 59% in March.
However, in the South East, confidence rose with 64% of sellers confident of a sale within three months in March compared to 59% in February.
The data also highlights the importance of experienced local agents in correctly pricing properties to sell within the desired 30-day window.
Tebb added: “On the whole, it seems to be more like business as usual for the market as we head into spring.
“As the sun makes a more regular appearance, more properties are coming to market looking their best, and there’s growing expectation as to what the next few months have in store.
“There is, however, still a need to be cautious; motivated sellers must not get carried away, but be realistic in their pricing and listen to the advice of a professional local agent, particularly if they’re keen to sell within that magic 30-day window.
“With buyers and sellers seemingly increasingly confident, there is plenty to be positive about.”
