Though 56% of that group intend to purchase a house in 1-2 years, the research among those looking to complete a home purchase within the next two years found over a quarter (27%) want to go ahead with a deal in the next 7-12 months, with 12% preferring 4-6 months. Crucially, buyers with unchanged schedules aim to complete in up to six months (41%, rising to 50% in London).
In London, only 36% of prospective buyers are willing to pause or delay their plans, with as many as 44% accelerating their timelines, largely driven by motivated first-time buyers. Of those, 46% plan to own a home in the next 4-6 months and 16% within three months.
House hunters pausing or delaying their homebuying plans cited the cost of living (36%) as the most pertinent reason, followed by the worsening economic outlook (34%), with the order reversed in London. Londoners who wanted to delay their purchases pointed to waiting for prices to fall (27%) as another key rationale.
Rising mortgage rates will prevent or delay house purchases for about 30% of prospective UK homebuyers, the survey suggests. Yet respondents have shown significant flexibility, which may be crucial for sales as the market adjusts to higher rates. As many as 21% of homebuyers would consider a cheaper property, with those in the West Midlands, Scotland, and the South East the most accommodating. Those based in the North West and Northern Ireland were least likely to consider a less expensive home (12.5% each).
Other top choices including extending mortgage terms (17%) and cutting back elsewhere (15%) pointed to buyers motivation to make their next move on the housing ladder quickly. On average, Londoners were more likely than those in other regions to make sacrifices to buy a home.
Iwona Hovenko, Real Estate Industry Analyst at Bloomberg Intelligence: “Our survey suggests most prospective UK homebuyers haven’t been deterred by mounting economic pressure. Crucially for homebuilders such as Barratt, Persimmon, Taylor Wimpey, Bellway and Berkeley, many people have shown significant flexibility, considering cheaper homes or making other sacrifices to counter rising interest rates.”
