Buyers are growing in confidence as signs of stability are returning to the residential property market, according to new research from Zoopla.
Their study found that 31% of potential buyers are looking to move within the next year, and that upsizing, driven by the need for more space is the biggest motivator among those buyers.
Meanwhile, outside of the South-East, first-time buyers hold the largest market share at 40%.
However, 36% of surveyed potential buyers cited economic uncertainty as a concern, demonstrating that it may not be completely smooth sailing from here on out.
Andy Marshall, chief commercial officer at Zoopla, commented: “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. This offers a great opportunity for agents to realign sellers’ expectations whilst also educating them on the resurgence the market has seen in the first month of the year.
“What’s more, there are increasing numbers of people who are active in the property market and those seeking a new property are serious about making a move. This again provides fantastic opportunities to agents to highlight their local knowledge and expertise, bringing together buyers and sellers and helping both to reach their property goals.”