Compromise Likely To Be Crucial In Housing Market

24th January 2024
Home > News > Compromise Likely To Be Crucial In Housing Market

How are you looking to move forward?

In an ideal world, buyers and sellers have a wish-list for their next move in the housing market. Sadly, this is far from an ideal world, and even if you are well-placed financially, there is a good chance you will need to make some form of compromise with respect to your next move.

 

As Darlington estate agents who are on your side, we want to minimise the compromises you make. We work closely with you, and we want to help you achieve as close to your wish list as possible, but a recent study indicates a large number of potential first-time buyers accept they have to compromise when stepping on the property ladder.

 

A study from Skipton suggests 70% of adults keen to buy their first property within the next three years are willing to compromise.

 

Of course, there are many ways you can compromise and what is essential for some people, is only a nicety for others.

 

The study suggests 42% of respondents are happy to buy a home with a smaller garden than they’d initially hope for. 37% admitted they would move further away than their initial choice, if it helps them find a good home.

 

A considerable 67% said they would be happy to buy a home that is smaller than they initially wanted, just to be homeowners.

 

What do the finance and property market specialists say?

At Anthony Jones Properties, we know the Darlington market well, and we stay in touch with what is happening nationally. However, we also like to hear what industry experts say, and some relevant comments about this information can be seen below.

 

Charlotte Harrison, CEO of home financing at Skipton Building Society, commented: "We’ve seen many first-time buyers become more realistic than optimistic with what they can afford and adjust their property expectations. Aspiring homeowners in 2024 are encouraged to explore a range of options available to them, as the first step onto the property ladder may be closer than they think."

 

Aneisha Beveridge, is a highly regarded head of research in the UK housing sector,, and she spoke on this matter, saying: “First-time buyers who have been able to successfully navigate 2023’s higher interest rates have increasingly found themselves at the front of the home-hunting queue. With nothing to sell in what’s been a tough market, those buying their first home are being favoured over offers from anyone with somewhere to sell, often even when their offer is a little lower.”

 

Aneisha continued by saying: “This means they’re getting more home for their money than they were last year, particularly if they’ve got a healthy deposit. New buyers have been driven into the market by rapidly rising rents which are making the increases in mortgage rates look more palatable. However, with mortgage rates forecast to continue falling, movers will probably return in more meaningful numbers in 2024.”

 

If you want to know all your options in the local housing market in 2024, we are on hand to ensure you have everything you need to know to make an informed decision.

 

Contact Anthony Jones for all Darlington property matters

If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.


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