The property market is due to ‘kick off’ in September, a leading mortgage broker has predicted.
Peter Brodnicki (main image) CEO of Mortgage Advice Bureau, says the recent base rate drop and a new Government has persuaded more people to begin their search for a mortgage and that this augurs well for a rise activity within the sales market.
“I think we’re in a really good place,” he said during an interview on The Two Russells podcast. “There’s a huge amount of pent-up demand within the housing market, we can see that.
“The minute the Election result came out, online searches for mortgages shot up and our brokers usually see that coming through four-to-six weeks later.
“Up until that moment online mortgage searches had been flatlining pretty much all this year – so I think it could really kick off in September when people get back from their holidays.”
Activity
Brodnicki’s property market comments are backed up by Hamptons, which this morning has released research showing a post-election ‘mini bounce’ in housing market activity.
It says that since the election, homes have been selling more quickly. Just under a quarter of homes that came onto the market across Great Britain in the first half of July went under offer within two weeks.
This is up from 15% during the same period in 2023 and up from 19% in the period leading up to the election this year.
“While the election wasn’t a dealbreaker for many movers, more clarity about the political and economic future has encouraged more sellers to come to market,” says Aneisha Beveridge, Head of Research at Hamptons.
“Most of the uplift has been in the North of England, while buyers and sellers in the South remain more tentative.
“Rather, last week’s rate cut will likely prove a sweetener, encouraging more movers, but we don’t expect a significant uplift in prices.”