The latest On The Market Property Sentiment Index for November 2022 (reporting on October 2022 data)
The On The Market Property Sentiment Index is unique as it focuses on buyer and seller confidence and mover attitudes towards mortgage borrowing. Rather than only reporting on proprietary data, On The Market utilise survey questions on their website and the following metrics are also included within the report: average asking prices + time to SSTC.
In October, while there was political and economic uncertainty, remarkably, focussed buyers continued to go about their business of purchasing property.
On The Market data showed 74% of active buyers in the UK were confident that they would purchase a property within the next 3 months, and 82% of sellers in the UK were confident that they would sell their property within the next 3 months.
How long properties take to sell is one of the key indicators of the health of the housing market, and encouragingly, their data shows that this metric strengthened in October, despite rising mortgage rates and living costs. 60% of properties were Sold Subject to Contract (SSTC) within 30 days of being advertised for sale in October, compared with 53% recorded in September.
To access the full report please click here.
SOURCE: On The Market