The property market has stabilised since the Stamp Duty holiday ended on 31st March, according to Craig Vile (pictured), director at the ValPal Network (TVPN).
Vile said: “Affordability is the name of the game. We saw that with the stamp duty deadline as buyers hurried to beat the tax hike.
“Of course, that led to a slight downward blip in early April but that was short-lived.
“Transaction volumes have now normalised but underlying buyer demand remains robust and first-time buyers are making a strong comeback with wage rises continuing to outstrip inflation and the prospect of further interest cuts in the pipeline in order to avoid an economic downturn.”
The Bank of England’s Monetary Policy Committee is expected to cut the base rate at its next meeting on 8th May.
Most analysts expect a reduction of at least 0.25%, with further cuts likely before the year ends.
Vile added: “That could trigger a first-time buyer surge and people thinking about selling should act now to take advantage of the brighter, sunnier days as summer approaches.
“The benevolent conditions are bound to get homeowners thinking about selling and, for agents, speed to lead will become increasingly important.
“Our new, AI-driven ValPal Pro cuts speed to lead times to under 10 seconds – that is the kind of response time agents need to be looking for if they are going to win their fair share of new listings.”
“And sellers need to start acting now if they want to hit peak demand when rates start to come down and affordability improves.”
He said: “Even as the market faces ongoing challenges – especially over price – demand has never really gone away.
“Buyers are simply waiting for the right conditions. With interest rates looking more favourable, now is the time for sellers to act and agents need to be ready for them.”
