New data from OnTheMarket reveals that sentiment in the U.K. housing market remained remarkably resilient in October. The property sentiment index, based on over 80,000 consumer responses, indicates that approximately 72% of prospective home buyers are confident about carrying out property transactions within the next three months. Although this percentage slightly decreased from 74% in September, it still demonstrates positive reception to the Bank of England's decision to pause rate hikes. The bank has followed this by holding off on hikes for a second time in November.
Furthermore, the data shows that 18% of respondents express confidence in buying a home within the next six months, which represents a slight increase from 17% in September.
OnTheMarket Chief Executive Jason Tebb commented on the findings, stating, "Even if another rate rise is required to keep inflation in check, there's a growing perception that the worst is behind us, although borrowers will have to get used to paying more for their mortgages than in recent years."
Despite a decrease in properties sold subject to contract within 30 days of being advertised for sale (36% compared to 60% in the same period last year), this decline is consistent with September's figures, suggesting that the market has largely stabilized since the economic shock caused by former Prime Minister Liz Truss's so-called Minibudget.
Tebb concluded, "Despite softer sentiment and confidence in some areas, the overriding sense is that people are breathing a sigh of relief."
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