Hot on the heels of Rightmove, property portal OnTheMarket have published their Property Sentiment Index December 2022, which reports on their data from November 2022 on UK and regional basis.
In their report, OnTheMarket describe what they refer to as 'subtle rebalancing' of the market with a slowdown caused in part by 'continuing upheaval, challenges in the macro-economic climate and the chatter around mortgage rates' affecting 'the confidence of average property-seeking consumers'.
They do go on to discuss the seasonal impact of the festive season, which in pre-Covid times we would have expected to be the case. It's worth not forgetting that it is December and we would normally experience a quietening of activity ahead of a pick-up again in Spring. As we mentioned in our most recent article following the reporting of Rightmove, it's difficult to remember normal trading patterns in the property market but these could be them.
The main points from OnTheMarket were as follows:
November 2022 Headlines
From our sample of sellers surveyed, UK average rates of confidence over the last month were as follows:
• 63% of sellers were confident that they would sell their property within the next 3 months, a decrease when compared to 82% October 2022 (65% in November vs 84% in October in Wales)
• 27% of sellers were confident that they would sell their properties within the next 6 months, an increase when compared to 13% October 2022 (26% vs 13% in Wales)
• 4% of sellers were confident that they would sell their home within the next 9 months, a slight increase when compared to 2% October 2022 (4% vs 1% in Wales)
• 6% of sellers were confident that they would sell their home within the next 12 months, a slight increase when compared to 3% October 2022 (5% vs 2% in Wales)
The OnTheMarket Property Sentiment Survey asks sellers across the UK how confident they feel about selling their home in order to provide a ‘temperature check’ of market sentiment both on a national and regional basis.
Sellers are asked to indicate how confident they are that they will sell their home:
• Within the next 3 months
• Within the next 6 months
• Within the next 9 months
• Within the next 12 months
OnTheMarket then go on to give broadly flat figures across October and November when it comes to buyer sentiment, which echoes what we feel is the situation we are currently in, which is that demand levels and values will flatten out and remain stable, albeit at a reduced level, during 2023. Gardens, garages and off road parking remain at the top of buyer wish lists in Wales.
The full report can be seen below, and if you want to discuss any of this information in relation to your own property, we are more than happy to offer our advice.