London estate agency Foxtons says its latest survey shows a major uptick in the confidence of potential sellers.
While 38 per cent admitted to having put off their plans to move, 73 per cent are now more motivated to do so in 2024, with the search for their onward purchase topping their to-do list.
Foxtons surveyed 1,002 UK home sellers on their priorities for the new year and their motivation levels in relation to selling up and the answer was clear, with 50 per cent stating that the sale of their home was their primary focus.
Weight loss was the second biggest priority for nine per cent, with more exercise and more travelling came in at eight per cent each, and accumulating a savings pot (six per cent) also ranking within the top five priorities for the new year.
Foxtons also asked what the top priority for 2024 was specifically in relation to the sale of their home.
Some 18 per cent of home sellers stated the search for their onward purchase was their key focus, 16 per cent plan to start packing in anticipation of their move, 14 per cent plan to organise their finances and one in 10 intend to make home improvements to boost the appeal of their property.
Foxtons chief executive Guy Gittins comments: “There’s certainly a renewed sense of vigour about the property market in 2024 and it’s been a very busy start to the year with regards to sales applicant enquiries and viewings activity. In fact, it’s probably the most balanced market we’ve seen in a long time and this means an abundance of opportunity for proactive buyers and sellers.
“House prices have held firm despite the turbulence of last year and now we’re seeing a release of pent up demand as buyer confidence has grown with interest rates being held recently. Mortgage lenders have already reacted accordingly with rate reductions. Currently there are multiple five year fixed rate mortgages available at 3.9 per cent, with some even lower, so we see a positive market ahead for anyone looking to secure a competitive rate, which will only help boost buyer sentiment further.”
