Zoopla has published its latest ‘State of the Property Nation’ survey, which has revealed that 31% of buyers are looking to move in the next 12 months.
The survey collects a consumer sample of 6,000 people and over 650 agents from the sales and lettings landscape.
There has reportedly been a 5% fall in the number of house-hunters whose search was limited by right location and budget.
The primary challenges for affordability are saving for a deposit (50%) and securing a mortgage (43%).
Despite the challenges, first-time buyers are the largest buyer demographic active in today’s market.
Homeowners and investors are still wary of ongoing economic uncertainty, with 36% citing this as a concern along with a fear of not achieving their asking price (31%).
Moving to a bigger home was the most referenced reason for purchasing a new property this year, with 28% of respondents citing this as their key driver for house hunting.
Almost half (40%) confidently stated they know exactly which house or street they want to live on.
Andy Marshall, chief commercial officer at Zoopla, said: “With the property market, it’s easy to focus on the hard data like the number of sales, but it’s also important to scratch under the surface to understand what is motivating people to make a move.
“We are seeing a polarisation of the market. Confidence is slowly returning among buyers, but this is moderated by a feeling of caution among sellers, with ongoing economic uncertainty causing them to doubt whether they will achieve the asking price they believe their property is worth.
“This offers a great opportunity for agents to realign sellers’ expectations whilst also educating them on the resurgence the market has seen in the first month of the year.
“What’s more, there are increasing numbers of people who are active in the property market and those seeking a new property are serious about making a move.
“This again provides fantastic opportunities to agents to highlight their local knowledge and expertise, bringing together buyers and sellers and helping both to reach their property goals.”