In a surprising development in the United Kingdom, although many consumers say they are worse off financially in 2023 than they were in 2022, they are very optimistic about the future of the property market. While several reports released in the UK say people’s finances and the economy are worse off than 12 months ago, the work of real estate experts like Greycoat Real Estate will make owning a home easier in the near future. 

A recent survey showed that only 5% of the respondents said they would delay buying a new home or selling their current one until interest rates are lower. According to Greycoat real estate agency specialists, that is down from 10% earlier in the year.

Real Estate Transactions Trending Upward

Research shows 2% of respondents sold their home through real estate agents and bought another one within the last year. Greycoat informs how that number is expected to rise to 3% this year. 

While tough economic times and high interest rates have made people feel worse off financially, an upswing in real estate transactions is expected soon. Over 55% of people aged 35 to 54 have reported home ownership is now less affordable. Nevertheless, Greycoat agency is there to help and many are optimistic interest rates would hold at the current levels and gradually decline. 

Moving And The Use Of AI

About one quarter of people surveyed who live in London said they would consider moving to a more affordable city. At Greycoat, they also said they would trust AI if it could help mortgage brokers be more accurate, get better outcomes and make real estate processes cost less.