While the media is focused on economic growth and the latest actions of the new US president, in the UK housing market more households want to move home in the next two years than this time last year.
Our latest Zoopla consumer tracker shows 17% of current home owners (future vendors) want to move home now or in the next two years, up from 15% a year ago. Only 10% of homes will change hands in the next two years so there is more demand to move amongst homeowners than the number that will actually move.
In addition, one in five private renters want to buy a home now or in the next two years. Renters looking to buy drive the first time buyer market which is an important source of demand for new homes and the bottom end of housing chains, unlocking moves for home owners. The rapid growth in rents, up 28% over the last 3 years, and lower mortgage rates has spurred first time buyer activity over 2024 and into 2025.
These are positive trends for agents, builders and lenders but the key question is how the industry works together to help households realise their home moving ambitions in a market where affordability is a big constraint on moving.
Consumers want tools to help them make their moving ambitions a reality especially existing home owners where most are looking to upsize their accommodation. For those in areas with higher property prices this often means looking ‘out of area’ to trade up for less money than staying local.
Our survey shows upsizers are typically looking for specific features from their next home so it’s important to get the information in property listings as rich as possible, calling out the most attractive features for upsizers when advertising family sized homes.
Unlocking tomorrows vendors through technology and tools
The other important group from our recent survey are homeowners watching the market with no immediate plans to move but who may move if the right home comes to market. This group is one in four owners – a large pool of would be sellers who are also buyers.
While the industry often looks to measure marketing success through the lens of applicant lead volumes, what actually matters more to agents are the number of high quality vendor leads.
Serious sellers who have tracked the market and are better informed on market trends and the link between asking price and saleability are more likely to generate sales commission than those that fall in love with a new home and fail to consider the value of their own home. They will also make for better applicants for the homes they want to buy.
Zoopla has invested heavily in building an audience of over 4m households (four years of annual transactions) who are actively tracking the value of their home and with high engagement rates for monthly value and local market updates. These are tomorrow’s ‘motivated movers’.
While the sales market will always have its fair share of decisions wrapped in emotion there is a sizable group who want to make better informed decisions that can help de-risk moves for households and agents. Shifting the focus onto motivated movers and the value of high quality leads rather than ever higher levels of applicant volumes is what we see as the big win for estate agents in 2025 and beyond.
Richard Donnell, executive director, Zoopla
Read the orginal article: https://propertyindustryeye.com/unlocking-vendors-in-2025/
