Date Published 27 March 2014
Despite more people than ever expecting rises in asking prices over the next 12 months, the vast majority of potential buyers (90%) say they are not willing to compromise on their chosen location.
Rightmove's Quarter 1 2014 Consumer Confidence Survey of over 45,000 respondents found that nearly eight out of 10 (79%) expect house prices to be higher in one year's time. However, against this backdrop of rising prices, only one in 10 is willing to look beyond their first choice location for a suitable home.
Miles Shipside, Rightmove director and housing market analyst comments:
'There's a real mismatch between buyers' no-compromise stance on their most favoured place to live and the rising tide of prices. Playing a waiting game and holding out for the right property in the right location could prove risky as, with prices in some locations rising by the month, buyers may discover that the one they've been waiting for is over their budget.'
With buyer demand exceeding available property supply in some areas, and the market momentum gathering pace in most locations, buyers are faced with limited choice. Achieving the goal of the right property in the right location, and at an affordable price, is a considerable challenge. Some success is being achieved, but currently for only around one third of buyers. While 32% say they have found a home in their ideal location, 58% are still looking or waiting.
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