According to a recent survey conducted by property firm Savills, the majority of buyers and sellers in the prime housing market remain undeterred by the impending general election.
Out of 1,200 prime home movers surveyed, which was reported by Property Industry Eye, 79% indicated that the upcoming election does not affect their plans to move, with 13% expressing even greater commitment to moving within the next 12 months. Only 8% stated that they are less committed due to the election.
The lack of concern was particularly evident among downsizers and individuals looking to relocate, while investors and second-home buyers exhibited a tendency to adopt a “wait and see” approach.
What’s more, the survey revealed a notable surge in commitment to move within the next six months, with a net balance of +32%, marking the highest level of commitment in over two years. This increase in confidence was most significant among first-time buyers and upsizers.
Savills commented on the findings, stating that despite the looming general election, improved conditions in mortgage markets have bolstered confidence in the housing market’s recovery. The firm noted a shift towards a market less dominated by cash and equity-rich buyers, with increased confidence among typically more leveraged buyers.
There has been an uptick in budgets among prime movers, with twice as many respondents reporting an increase in their budgets compared to the summer. This increase in budgets aligns with a shift towards fixed-rate mortgages, with nearly half of respondents opting for a two-year fixed mortgage, compared to just one-third in January.
In terms of buyer priorities, the survey found that the size and number of rooms in a home are considered the most important attributes, followed closely by pandemic-related trends such as garden and outdoor space, and a separate space for remote work. However, as fewer people work from home, pandemic-driven preferences are beginning to recede, with square footage and bedroom numbers taking precedence, particularly among upsizers with tighter budgets.
