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Some 85 percent of those surveyed believe that higher mortgage rates have dampened buyer market activity, with 79 percent laying the blame at the feet of the Bank of England.
The Bank’s Monetary Policy Committee has held the base rate at 5.25 percent despite the fact inflation has fallen to its lowest level in almost three years and, at 2.3 percent, sits close to the Bank of England’s target rate of 2 percent.
Some 83 percent of estate agents believe buyers will be enticed back to the market once rate cuts take effect. And 82 percent also stated that a rate cut would help spur more buyers into making offers on properties.
However, when it comes to the price they are willing to pay, agents remain split. Some 52 percent believe the rise in buyers means higher prices while 48 percent expect no change.
“This has been a double serving of trouble for agents as they have had to pay to acquire the same number of listings, pay for photos, pay to market the properties but are not generating the same revenue.
“It’s great to finally see light at the end of the tunnel. May’s transaction numbers increased year on year and, with inflation falling, cheaper lending appears to be on the horizon. It can’t come fast enough for the property industry.”
