Housing market activity is proving resilient as war in the Middle East continues for longer than originally anticipated. Committed buyers and sellers are pressing ahead, helping demand holding firm in the face of elevated borrowing costs.
Buyer demand
Buyer sentiment, while slightly softer, remains resilient in the face of higher mortgage rates due to global uncertainty. Buyer enquiries are down 2% on last year, though have rebounded since Easter, and are now running at their highest level since the outbreak of the conflict in late February². Mortgage approvals in March rose to 63,531, their highest level in four months, and are sitting just 0.8% below the same time last year³. Movers are taking a measured approach as they assess pricing, wider economic signals and an uncertain longer-term picture.