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Buyers' or sellers' market?

ended 28. August 2024

Newspage is writing an article for a major national newspaper this week. With mortgage rates consistently dropping, and the prospect of another base rate cut before the year is out, we're looking for three buying agents and three estate agents to share their views on whether it's a buyers' or a sellers' market at present. In reality, this will depend on a multiplicity of factors including property type and location so feel free to discuss that, but on balance, which is it? Or perhaps the market is fairly neutral right now? Any thoughts, send them across. Deadline is COB Tuesday 27th.

4 responses from the Newspage community

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Editor
Dariusz Karpowicz
Director at Albion Financial Advice
Right now, we're seeing an influx of properties on the market, particularly from landlords offloading their investments due to higher mortgage rates and increasing regulations. Factor in Labour's plans for more taxes and tougher requirements, and it's no surprise many are cashing out. While the market varies by region, overall, it's leaning heavily toward being a buyers' market. Buyers should definitely be negotiating hard – the power's in their hands for the time being.
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Saddat Abid
Senior Property Buyer & CEO at Property Saviour
The market is becoming ever more buyer-friendly, with falling mortgage rates and a further base rate cut from the Bank of England possible. This is improving affordability in many parts of the UK, especially areas outside the prime London market already at high growth levels. However, dramatic differences do exist depending on location and type of property. For instance, in northern cities like Manchester, Leeds, and Birmingham, where demand and supply are relatively balanced, buyers may find themselves in a sellers' market. The bulk of developments in this type of area is newly developed with a mix of property types that would appeal to a variety of different types of buyers ranging from first-time purchasers to investors seeking rental opportunities. That said, pockets of strong demand could remain with the South East, including London, and other highly desirable areas where there are insufficient numbers of desirably located properties to tip the balance in favour of sellers.
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Nick Harris
Co-founder at Quarters
The August base rate drop certainly gave the market a shot in the arm with increased buyer interest in the mid / upper end of the market. It remains to be seen but another drop will likely see another leap in buyer confidence and (whisper it oh so quietly) a tipping of the scales from a buyers market…?
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Robin Edwards
Partner at Curetons Property Finders
Given that mortgage rates are dropping and there’s potential for a further interest rate cut this year, I’d say that the property market is trending towards slightly favouring buyers, especially if these rate cuts are due to concerns about economic slowdown. However, in certain high demand areas like parts of London with tight inventories sellers might still have the upper hand.

On balance though the market could be considered fairly neutral at present, with localised variations depending on factors, such as stock levels, buyers demand and overall economic conditions. Buyers might find favourable conditions in terms of financing, but sellers in high-demand areas with low inventory can still command strong prices. So the actual tilt towards a buyer’s or seller’s market will largely depend on specific locations and property types.