"There are lots of buyers who have already locked in a mortgage rate with their lender and are keen to secure a property before the rate expires."
- Matt Thompson, head of sales at Chestertons
The residential property firm suggests this reduction in new buyers has been caused by many waiting for mortgages rates to stabilise. However, despite the shrinking pool of buyers, Chestertons found that there is currently 12% more properties on the market. Chestertons’ branches have seen a 10% increase in properties being put up for sale year-on-year, which it believes is proof that homeowners remain eager to sell.
Likewise, the volume of property viewings its agents had conduced this month was only 3% lower than July 2022. This means that buys who are currently in the market are still determined to find a property.
Commenting on these findings, Matt Thompson, head of sales at Chestertons, has said:
“With the Bank of England confirming the 14th consecutive rise in interest rates in a row at the start of August, buyers have been more cautious and are in some cases pausing their property search in order to adjust their finances.
“However, there are lots of buyers who have already locked in a mortgage rate with their lender and are keen to secure a property before the rate expires.”