OnTheMarket president Jason Tebb advises buyers not to wait for an interest rate cut or General Election before making a transaction. Tebb explained that while it’s understandable for buyers to wait for inflation to decrease and borrowing costs to go down, there’s a limited transaction window before the General Election, which could bring more uncertainty.
He pointed out that market activity tends to slow due to uncertainty as we approach a general election, with buyers and sellers holding off until the outcome is known. Those eager to buy or sell this year may want to act sooner rather than later. Transactions can take time, especially as the first quarter is already over.
Tebb emphasised that while lower interest rates may seem attractive, the timing of such a change is uncertain, so investors may want to adjust their property investment strategy. Waiting could mean missing the optimal time to buy or sell property. He suggested accepting a slightly higher interest rate and taking advantage of the current market conditions might be better.
The latest OnTheMarket Property Sentiment Index showed that confidence levels among buyers and sellers about moving in the next three months remained steady at 65% and 60%, respectively. The research also revealed that 45% of properties were Sold Subject to Contract (SSTC) within 30 days of being first advertised for sale in March, the same as last year.
