The key change over the past month has been a rise in the proportion of agents reporting that they are seeing more investors, to a net 59% from 38% in our October survey.
Is there hope for the increasing number of frustrated buyers? A net 32% of agents report that they are receiving more requests for property appraisals with a view to selling. So, new listings numbers look like they will continue to rise. However, a net 15% of agents say that they are seeing fewer investors selling. When asked what is motivating investors to buy, 83% cite interest rate levels, but a far lower 27% cite expectations of price rises.
Of relevance for the market’s ability to keep rising, and perhaps wider consumer spending growth heading into Christmas and the New Year is the continuing decline in reports of job worries. Only 16% of agents report that buyers are concerned about their job and income prospects. In our first survey in June, this gross proportion was much higher at 48%.