Many prospective buyers have adopted a ‘wait and see approach’ amid Brexit uncertainty and softening prices, particularly in London and the South East, creating considerably pent up demand but now some buyers are being tempted back to the market.
House hunters are returning to the market, withsearches on property portal Placebuzz increasing by 87% over the Bank Holiday weekend (4-6 May) compared to the previous weekend (27-29 April).
Many prospective buyers have adopted a ‘wait and see approach’ amid Brexit uncertainty and softening prices, particularly in London and the South East, creating considerably pent up demand but now some buyers are being tempted back to the market.
Neil Tillott, business director at property portal Placebuzz, said:“Many buyers decided to put their moves on hold while Brexit played out, but life goes on and if moves are influenced by events such as new jobs and growing families, people can’t wait around forever.
“For families looking to move into catchment for school places it’s crucial for transactions to be completed by the end of the summer holidays in time for autumn applications.
“First-time buyers are also increasingly entering the market with many keen to take advantage of the government’s recently extended Help to Buy scheme. In addition, with uncertainty over Europe remaining, second home buyers are eyeing up the UK as a long-term a safer option.
“The dampening effect of Brexit on the property appears to be lifting. As our data shows there is only so long that people can put their lives on hold and for many, the new Brexit deadline of October is just too long to wait.”
With UK house prices remaining subdued, at 0.9% annual growth according to the Nationwide’s latest figures, buyers are also tempted to see if they can secure a bargain, particularly where homes have been languishing on the market for some time.
