Recent figures have shown that UK house hunters are growing weary of the ‘wait and see’ approach and are returning to the market. According to data just released, searches for property were up 87% over the last Bank Holiday weekend compared to the weekend before.
The market has certainly moved down a gear amid the ongoing Brexit uncertainty and softening prices, particularly in London and the South East, creating considerably pent up demand. Buoyed by news of an EU extension to Brexit until 31st October 2019 and the results of the May local elections showing gains for parties backing a second referendum, buyers are being tempted back to the market.
With UK house prices remaining subdued, at 0.9% annual growth according to the Nationwide’s latest figures, buyers are also tempted to see if they can secure a bargain, particularly where homes have been languishing on the market for some time.
Many buyers decided to put their moves on hold while Brexit played out, but life goes on and if moves are influenced by events such as new jobs and growing families, people can’t wait around for ever. For families looking to move into catchment for school places it’s crucial for transactions to be completed by the end of the summer holidays in time for autumn applications.
First-time buyers are also increasingly entering the market with many keen to take advantage of the government’s recently extended Help to Buy scheme. In addition, with uncertainty over Europe remaining, second home buyers are eyeing up the UK as a long-term a safer option.
The dampening effect of Brexit on the property appears to be lifting. As the data shows, there is only so long that people can put their lives on hold and for many, the new Brexit deadline of October is just too long to wait.