Epsom Homeowners: Rising Market Confidence and What It Means for You
Tue 04 Jun 2024
As we navigate through 2024, the housing market in the UK shows promising signs of recovery and optimism, particularly for homeowners in Epsom. The latest quarterly Opinion Poll, conducted by #Dataloft, sheds light on the evolving sentiment among estate agents across the country.
Inflation and Buyer Confidence
One of the key drivers behind this renewed confidence is the significant drop in inflation, now at just 2.3%. Coupled with widespread expectations of an imminent base rate cut, these economic factors are bolstering the housing market. According to the poll, 64% of estate agents report that buyer confidence has either significantly or slightly improved compared to three months ago. This uptick in confidence is a welcome change, indicating a more favorable environment for both buyers and sellers in Epsom.
Increase in Sales Listings
The increase in buyer confidence has had a tangible effect on the market. Nearly half of the agents surveyed noted an increase in sales listings. This surge in listings has pushed the number of homes for sale to an eight-year high, suggesting that more sellers are re-entering the market, encouraged by the positive economic outlook. For Epsom homeowners, this means it could be an excellent time to consider selling.
Steady Withdrawal Rates
Despite the rise in market confidence and the influx of new listings, the rate of property withdrawals has remained steady over the past three months. This consistency suggests a stable market where properties are being listed with a genuine intent to sell, rather than as speculative offerings that are later withdrawn. For those in Epsom, this stability provides a solid foundation for making informed decisions about property transactions.
Rental Market Dynamics
As we approach the summer season, traditionally a busier time for the rental market, properties are being snapped up at a quicker pace. However, this increased demand has led to a notable decrease in rental stock levels, with 41% of agents reporting lower stock levels. This trend highlights the competitive nature of the rental market during this peak period, which Epsom landlords should be aware of.
The findings from the latest Opinion Poll reflect a cautiously optimistic outlook for the UK housing market, with specific insights that can benefit Epsom homeowners. With inflation under control and the prospect of lower base rates, buyer confidence is on the rise. The increase in sales listings points to a revitalized market, while the steady withdrawal rates indicate stability. However, the rental market faces challenges with lower stock levels as demand heats up for the summer.
Stay tuned for more updates as we continue to track these trends and provide insights into the dynamic housing market landscape.
Source: #Dataloft by PriceHubble (poll of subscribers) May 2024