Almost three quarters of property professionals are confident that 2024 market conditions will be no worse than those experienced in 2023, a new poll shows.
The webinar poll, by Countrywide Surveying Services (CSS), surveyed lenders, brokers, surveyors and other property professionals.
The findings reveal that 40% are ‘mildly confident’ that 2024 will be better than 2023.
Only 6% expressed that they are ‘very confident’, with 27% expecting market conditions to be ‘much the same’.
In contrast, 24% of respondents were ‘not confident’ that conditions in 2024 would be more favourable than those in 2023, with 3% predicting they will be ‘much worse’.
These views were expressed at CSS’ regular webinar series.
Over 300 people actively engaged with the session, with the audience consisting of lenders, brokers, surveyors and other property professionals.
The panel included Santander UK head of business development – mortgages, Graham Sellar, Rightmove plc director of property science innovation Tim Bannister, New Build Mortgage Services group managing director Terry Higgins and Coventry Building Society’s head of intermediary relationships, Jonathan Stinton.
It was hosted by CSS director of technical, risk and compliance, John Baguley.
A separate poll taken during the webinar asked how hopeful attendees are for the rest of 2023.
Almost half (48%) were ‘mildly pessimistic’ and 24% ‘mildly hopeful’. 21% reported being ‘neither hopeful nor pessimistic’, 4% were ‘pessimistic’ with 2% ‘very hopeful’.
They were also asked what proportion of their property investor clients have sold up entirely, sold some of their properties or are seeking to do so in the next 12 months.
The results showed that just under half of respondents (45%) found this to be the case for less than 25% of their property investor clients.
Overall, 35% reported this to be the case for between 25-50% of their property investor clients, 18% for between 50-75% of their property investor clients and 2% for over 75% of their property investor clients.
A final poll posed the multiple-choice question – what do you feel are the biggest challenges facing any new government?
Top of the list was interest rates staying above 5%, with 71% of respondents saying this would be the biggest challenge.
This was followed by a housing shortage (to buy or rent) at 39%, enabling first-time buyers (FTBs) to buy (26%), building the amount and type of properties required (25%), making it attractive again to be a private landlord (19%) and enabling empty nesters and the retired to downsize (10%).
Baguley says: “The results of these polls are indicative of current market sentiment, economic uncertainty and the impact of rising interest rates.
“However, what we can glean from this highly interesting and informative discussion is just how robust the mortgage and housing markets are, despite experiencing huge amounts of pressure from various directions over the course of the past 12 months.
“A plentiful amount of enthusiasm and positive energy still courses through the industry, with many businesses and individuals working extremely hard to deliver a range of innovative solutions to help overcome some of the obvious challenges we are likely to experience in H2 2023 and beyond.”
