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The Search Continues: How UK Homebuyers are Adapting to Market Realities

Mon 02 Oct 2023

A study of close to 1,000 homebuyers currently looking to buy a home sheds a light on the thoughts of many in the housing market. At ADM Residential, we are here to assist you with any move, and we’d like to break down these findings for you.

22% of respondents admitted they struggled to arrange a mortgage, and 25% said they had to reassess their mortgage offer during the process. It is important for prospective buyers to know that the homebuying process isn’t always linear. There are challenges, and there will be times when you need to reevaluate your options.

Flexibility is always crucial in the housing market

Even if you have a balanced starting point, there is a good chance you will need to show flexibility in your ambitions. If you aren’t in a financial position where you have leeway, you might struggle to achieve your property aims. In the current climate, as frustrating as it might sound, there is nothing wrong with taking more time to evaluate what you can genuinely afford, and trying to place yourself in a better position as a buyer.

Responses indicate a lack of supply hampers homebuyers

32% of respondents said they struggled to find a suitable home based on their ability to borrow but the biggest issue facing homebuyers, as cited by 48% of respondents, was housing stock. The supply of homes in the market, across the country and here in Huddersfield, isn’t enough to meet demand, which means many buyers are let in the cold when it comes to moving into a new home.

23% of buyers have said they have searching for up to six months, 20% have said they have been searching between six months and a year and 19% of prospective buyers have been looking for more than a year.

There is an opportunity for homeowners looking to sell their house

This indicates there is demand for homes, albeit, not everyone is in a position to buy the home they want. There is a lot of re-evaluating going on in the housing market, from both buyers and sellers. If you want advice from someone who has seen it all across the various ups and downs of the UK housing market, Alethea at ADM Residential is the ideal person to speak with.

Spirits remain high in the housing market

While this is a challenging situation, 82% of respondents said they will maintain their efforts in looking to buy a home. 10% of people said they will continue to look, but will lower their activities as we get closer to Christmas, and 8% of respondents said they will wait until Christmas and New Year is over before resuming their property search.

Head of eXp UK, Adam Day, commented: “There’s no doubt that higher mortgage rates have led to a greater degree of buyer hesitation in recent months and a good proportion have struggled both when securing a mortgage and finding a suitable property within their purchasing eligibility. But despite the current property market doom and gloom the vast majority remain undeterred in their quest to purchase before Christmas and the biggest obstacle has actually been a lack of stock to fulfil this quest.”

Adam concluded by saying: “For the nation’s sellers, this means now is as good a time as any to push forward with your sale. While you may not see your sale complete before Christmas, there remains a high level of motivated buyers buoyed by the recent freeze in interest rates.”

If you are looking to sell your home in time for Christmas, or you want the process to be well underway before the start of 2024, we are your local home selling experts in Huddersfield.

Contact ADM Residential to sell your Huddersfield home in 2023

Anyone who is keen to sell their home in Huddersfield should contact ADM Residential today. We are more than happy to provide you with a property valuation, which is the ideal starting point for anyone looking to enter the Huddersfield housing market with confidence.

This is a busy time of year in the local and national housing market, but we look forward to assisting you. Call on your leading Huddersfield estate agents today for help and guidance in the local market.

"Best estate agent I have ever used as either a buyer or a seller. Fantastic service from the whole team who go that extra mile to help all parties. Alethea is brilliant: hardworking, knowledgeable and always cheerful. I was selling a family property and do not live locally so it was great to have someone I could trust dealing with the property. There were a number of issues including loss of a buyer when a chain collapsed and Alethea always has a solution to every problem. I wish her and the whole team the very best."