The number of visitors to moving home website reallymoving.com was 15% higher in the first week of January 2018 than during the same period in 2017, suggesting people are shrugging off uncertainty over Brexit and the recent interest rate rise to proceed with moving home this year.
First time buyers were particularly proactive in their new year house hunting, accounting for 55% of all home buyer conveyancing registrations on the site during the first week of the year, following the recent scrapping of stamp duty for homes worth under £300,000 to save on average £1,600 on their purchase. In London, first time buyers accounted for a remarkable 64% of buyer registrations.
Visitors to reallymoving.com are seeking quotes for conveyancing, surveys and removals, indicating a higher level of commitment to moving home than time spent scouring property portals.
Rob Houghton, CEO of reallymoving.com said: “Such strong activity in the first week of the year shows that people are taking a pragmatic approach to their property needs. Factors that commonly trigger home moves, such as growing families and new jobs, are still happening and there is little indication of any dramatic change to house prices this year. People are realising that Brexit is a long haul and despite an uncertain economic outlook, they are just getting on with moving if it’s the right thing for them.
First time buyers are noticeably active, with many will be hoping to squeeze in before entry level prices start creeping up as a result of the Chancellor’s stamp duty giveaway. London’s first time buyers in particular are keen to take advantage of a ‘perfect storm’ of falling prices, cheap loans, lower or non-existent stamp duty bills and continued investment in the Help to Buy scheme.”