"Many property seekers are optimistic about their ability to move forward, whether buying, selling or renting, and are adapting to market conditions"
- Jason Tebb - OnTheMarket
Confidence among buyers, sellers and renters remains strong, according to the latest OnTheMarket Property Sentiment Index, despite widespread doubts over whether the government will reach its goal of 1.5 million new homes by 2029. The September report also highlights continued calls for changes to property taxation.
Key findings from the index
80% of buyers are confident about raising the funds for their next purchase, with 52% very confident
46% of property seekers expect house prices to rise in the next 12 months, while 67% expect rents to increase
Most buyers and sellers anticipate completing transactions within six months, while half of renters expect to secure a home within three months
47% of respondents believe the government will not achieve its target of 1.5 million homes by 2029
Although confidence has dipped slightly since earlier this year, optimism remains the prevailing sentiment. Four in ten sellers expect an acceptable offer within three months, with another 40% anticipating a sale within three to six months. Among buyers, 40% expect to complete within three to six months, while 27% believe they will succeed in under three months. Renters show similar optimism, with half expecting to secure a property in less than three months.
The report shows that buyers remain positive about their financial position. Eight in ten feel confident about raising funds, and more than half are very confident. Only 15% say they feel not very confident or not confident at all.
The Index highlights continued uncertainty around government housing and tax policy. Nearly half of the respondents doubt the housing target will be met by 2029. On taxation, only 12% of respondents want to keep the current stamp duty system in place. A quarter favour spreading payments across several years, while 21% support a new tax on homes valued above £500,000.
Market activity steady
Property listings rose by around 5% each month leading up to August before a seasonal decline. Price reductions have stabilised, with 11% of listings cut in August compared with 14% in both July and June.
“Despite a certain level of economic and political uncertainty, it’s encouraging to see that confidence among buyers, sellers and renters remains strong,” said Jason Tebb, president at OnTheMarket. “Many property seekers are optimistic about their ability to move forward, whether buying, selling or renting, and are adapting to market conditions. As we look ahead to the Autumn Budget, it’s clear that further clarity and stability from policymakers will be crucial in supporting the property market and allowing people to make informed decisions about their property journey.”
