Sellers’ prospects boosted as confidence in housing market continues to rise

Worries about housing have regressed ‘across the board’ over the last twelve months, according to the nationwide 2015 Homeowner Survey, meaning now is as good a time as ever to get your property on the market.

The research, carried out by the HomeOwners Alliance, myhomemove and BLP Insurance (and polled by YouGov), has revealed that public confidence in the housing market is on the up and up, with concerns about stamp duty and negative equity falling dramatically.

Since George Osborne’s sweeping reforms of stamp duty back in December - when the old and unloved ‘slab tax’ system was replaced with a newer, more progressive structure - apprehension amongst buyers has dropped considerably. The number of adults who cited stamp duty as a serious problem fell from 64% in 2014 to 51% in 2015. Moreover, one third of those surveyed believe the recent amendments to stamp duty have made it easier and more affordable for first-time buyers to get on the market or for current homeowners to move further up the property ladder.

Meanwhile, the number of people who considered negative equity to be a serious issue slumped by 15%, dropping from 64% last year to 49% in 2015. Over the past year anxiety over estate agent fees, conveyancers’ fees and ‘being able to pay off the mortgage’ has also lessened.

Overall, anxiety regarding housing has decreased across the board, with UK adults less troubled than last year when it comes to property fees and quality of available stock. Additionally, those aspiring to own their home went up marginally, with 69% wanting to own, compared to 68% last year and 65% in January 2013. This shows that for many, despite the difficulties associated with buying a house, home ownership is still a key life goal – in other words, a very encouraging statistic for sellers.

As the economy continues to pick up pace and wages finally start to grow, more people will be looking to move and more first-time buyers will be dipping their toes into the property market for the first time. With less hesitation about mortgages, deposits, fees and stamp duty, the stumbling blocks being placed in front of would-be buyers are diminishing.

For sellers, the results of this survey are very promising. Increased confidence in the housing sector equals a bigger pool of potential buyers. This, in turn, enhances the bargaining power of those looking to sell and improves their chances of achieving the asking price (or above) for their property.

As estate agents in East Dulwich and the surrounding areas, at Roy Brooks we use our years of experience to guide you through the sales process every step of the way. For more information, please contact us on: 020 8299 3021. If you would like a free and instant online valuation of your property click here.