Having a positive attitude can get you a long way in life, and it seems that the majority of people seeking a new home are adopting this policy.

Though the headlines might not be overly heart-warming at present, this hasn’t dampened the spirits of people in the UK who are looking for a new home or selling their current one.

Insight from On The Market indicates there is a high level of confidence among home movers at present. This is despite the cost of living crisis, interest rate hikes, and other economic uncertainties.

The latest Roots Mortgages blog takes a look at what’s what.

Strongly positive sentiments

On The Market has looked into the mortgage market and aimed to determine how those in the process of buying and selling properties are feeling about their prospects. 

According to the findings, 76% of buyers were confident that they would purchase a property within the next three months. This represents a slight increase on findings from previous months. A further 18% of buyers were confident of purchasing a home within six months.

This confidence was pretty universal across the UK, with all regions registering between 74% and 79% of buyers being confident of purchasing a home within three months.

This confidence was also reflected in sellers, with 82% confident of selling their property within the next 3 months. A further 13% were confident of selling their property within 6 months.

The percentage of movers with concerns about securing a mortgage to fund the purchase of their next property was very low, at just 4% of movers interviewed.

Are we reaching a ‘New Normal’ for the mortgage market?

It could certainly be interpreted that way. With the disruption of the COVID-19 pandemic pretty much in the rear view mirror now, there are signs that the mortgage industry has steadied, albeit at what could be described as an ‘elevated’ level compared to the situation pre-pandemic.

Moving forwards, elements such as the cost of living crisis and interest rate rises have the potential to impact the mortgage market without doubt. It appears however that to date, those factors are yet to take their toll on seller and buyer sentiment. 

How long this lasts remains to be seen. But given the fact that buying or selling a home is a fairly lengthy process, it could be a while before the impact of people being put off proceeding with such plans is felt.

What’s more, buying or selling a home is often a big step that people have been building up to for a fair while. That means that these plans are unlikely to be shelved flippantly.

Keeping things moving

It would be easy as a contractor or freelancer to read the news and think selling or buying a home is something that can wait.

But the fact of the matter is that things are unlikely to quickly go back to how they were pre-pandemic, and the mortgage market is adapting accordingly.

The good news is that the majority of buyers and sellers are confident in that being the case. That means your own foray into the mortgage world shouldn’t be a difficult one. There is a level of stability in place that should allow for your plans to continue unimpeded, provided you take the right steps and work with the right people.

A contractor mortgage broker or freelancer mortgage broker can make negotiating the new normal within the mortgage market that bit easier. Taking the step of getting that support adds additional security to your plans, and takes you that bit closer to buying your dream home, or selling your current property.