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(468 words)
The Case of the Missing Buyers: Where Have They All Gone?
The Case of the Missing Buyers: Where Have They All Gone?
Property Quorum – Thursday 7th August at 10am
Somewhere between stabilising mortgage rates, housing targets and Help to Buy reboots, a question keeps surfacing in every corner of the market. Where are the buyers?
This Thursday on Property Quorum, we will be turning our attention to that silence. Not just the drop in transactions, but the shift in sentiment and why so many prospective buyers are holding back.
This is not just about affordability, although that plays a part. Mortgage rates may no longer be rising, yet they are still far from the days of 1.9 percent. At the same time, wages have been slow to catch up, and property prices have not softened enough to tempt first-time buyers off the fence.
Add in soaring rents, tighter credit conditions, and the pressure of saving for a deposit while paying record-breaking monthly rent, and it is not hard to see why some are sitting it out. The ONS has just confirmed private rental prices in England are still rising, up over 8 percent year on year.
There is also growing uncertainty. While the new government has pledged 1.5 million new homes over the life of this Parliament, many buyers are taking a wait-and-see approach. Leasehold reform, planning overhaul, and changes to energy performance rules are all in motion, but nothing is clear-cut just yet.
The supply side is doing little to encourage movement. There is a shortage of second-hand stock, and much of what is coming through from developers remains at the higher end of the market. Some new builds are simply out of reach or come with added concerns, such as high service charges or post-completion snagging issues.
Even where buyers exist, they are more cautious. Completion times are dragging, more deals are falling through, and a growing number of would-be movers are staying put. Those with a low fixed-rate mortgage understandably do not want to give it up.
So it is not that buyers have disappeared. They are still out there, yet they are harder to see and harder to convert. Some are biding their time. Others are priced out altogether. And a few are simply too wary to move forward in a market that no longer feels built for them.
Joining us this week is Silas J Lees, author of 'Homebuyers Secrets', alongside property lawyer Juliet Baboolal. Gareth Wax returns as host, producer and director, with conveyancing collaborator Hamish McLay.
The conversation goes live at 10am on Thursday 7th August.
Never miss an episode. Subscribe now at:
https://www.youtube.com/@SpillingTheProper-Tea
PS:
For content enquiries:This email address is being protected from spambots. You need JavaScript enabled to view it.
For podcast/media info:This email address is being protected from spambots. You need JavaScript enabled to view it.
Property Quorum – Thursday 7th August at 10am
Somewhere between stabilising mortgage rates, housing targets and Help to Buy reboots, a question keeps surfacing in every corner of the market. Where are the buyers?
This Thursday on Property Quorum, we will be turning our attention to that silence. Not just the drop in transactions, but the shift in sentiment and why so many prospective buyers are holding back.
This is not just about affordability, although that plays a part. Mortgage rates may no longer be rising, yet they are still far from the days of 1.9 percent. At the same time, wages have been slow to catch up, and property prices have not softened enough to tempt first-time buyers off the fence.
Add in soaring rents, tighter credit conditions, and the pressure of saving for a deposit while paying record-breaking monthly rent, and it is not hard to see why some are sitting it out. The ONS has just confirmed private rental prices in England are still rising, up over 8 percent year on year.
There is also growing uncertainty. While the new government has pledged 1.5 million new homes over the life of this Parliament, many buyers are taking a wait-and-see approach. Leasehold reform, planning overhaul, and changes to energy performance rules are all in motion, but nothing is clear-cut just yet.
The supply side is doing little to encourage movement. There is a shortage of second-hand stock, and much of what is coming through from developers remains at the higher end of the market. Some new builds are simply out of reach or come with added concerns, such as high service charges or post-completion snagging issues.
Even where buyers exist, they are more cautious. Completion times are dragging, more deals are falling through, and a growing number of would-be movers are staying put. Those with a low fixed-rate mortgage understandably do not want to give it up.
So it is not that buyers have disappeared. They are still out there, yet they are harder to see and harder to convert. Some are biding their time. Others are priced out altogether. And a few are simply too wary to move forward in a market that no longer feels built for them.
Joining us this week is Silas J Lees, author of 'Homebuyers Secrets', alongside property lawyer Juliet Baboolal. Gareth Wax returns as host, producer and director, with conveyancing collaborator Hamish McLay.
The conversation goes live at 10am on Thursday 7th August.
Never miss an episode. Subscribe now at:
https://www.youtube.com/@SpillingTheProper-Tea
PS:
For content enquiries:
For podcast/media info:
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