Cookies
We use cookies to give you the best possible experience on our website.
Accept All Cookies
Find out more
Cookie Portal
Manage and find out more about the cookies used on this website.
View Cookie Settings
Read Cookie Policy

Accept All Cookies and Close
Close Without Saving
< Back
This website has 3 types of cookies:
Your preferences will not take affect until the next page loads or this page is reloaded.
Strictly Necessary Cookies
Feature Cookies
Performance Cookies
Save and Close
< Back
< Back
Cookie Policy
< Back
Any bedrooms
Any bedrooms
1 or more bedrooms
2 or more bedrooms
3 or more bedrooms
4 or more bedrooms
5 or more bedrooms
Branches selected
All properties
Toggle Filter
What

3rd February 2020
What's happening in the housing market in 2020?

Confidence is slowly returning among homebuyers, according  to Zoopla's annual State of the Property Nation survey.

Over a third of buyers actively searching for homes are looking to move within the next year - up 8% since 2017. But sellers are still cautious about putting their homes up for sale, with 31% worried they won't get their asking price.

Buyers become more confident while sellers still wary

While finding properties within budget and in the right location continues to be a challenge for buyers, the good news is there's been a 5% fall in the number of frustrated home-hunters in the past 12 months.

Finding the right location is less of a challenge for first-time buyers. Their main obstacle to becoming a homeowner is affordability: 50% perceive saving for a deposit as a challenge while 43% are concerned about securing a mortgage.  But in reality, first-timers make up the largest buying group outside London and the South East, with 40% market share.

More space is the main motivation for moving home

‘Moving to a bigger home’ is the prime motivation for buying a new home, particularly among young families with 39% eager to upsize in the same area.

But over a third, or 36%, of empty-nesters are keen to 'move to a new location', often with the intention of moving closer to family.

There's been a modest increase in the number of people actively looking to buy, sell or rent a property. Of these active property seekers, 32% say they are more serious about moving than ever before - an increase of 11% on our State of the Property Nation survey last year.

Meanwhile, first-time buyers remain the largest buyer demographic outside of London and the South East, with a 40% market share.

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.

"The good news is that increasing numbers of people are active in the property market and that those seeking a new property are serious about making a move."

Top 3 takeaways 

   • Buyers are growing in confidence while economic uncertainty breeds caution among sellers
   • Upsizing and the need for more space is the biggest motivation for homebuyers in 2020
   • A growing number of people - 8% more than in 2017 - are actively looking to buy

Zoopla’s annual State of the Property Nation surveys 6,000 people and over 650 sales and letting agents.

Leave a comment


0 Comments

What

House prices rise in every region of UK for first time in two years

House prices have increased in every region in the UK for the first time in two years, as the Conservative party’s election victory and a more settled economic outlook calmed buyers’ nerves.

Read article

What's happening in the housing market in 2020?

Zoopla's latest State of the Property Nation report reveals what buyers, sellers and estate agents expect to happen to house prices in 2020.

Read article