By Joe Hoppe


U.K. housing-market sentiment remained remarkably resilient in October, according to new data from OnTheMarket published Thursday.

Measuring more than 80,000 consumer responses, the property sentiment index found that around 72% of prospective home buyers were confident they would carry out a property transaction within the next three months, a slight slip from 74% in September but overall showing that the Bank of England's decision to pause rate hikes was well received, the online property portal said. The bank has since held off hikes for a second time in November.

A further 18% of respondents were confident they would buy a home within the next six months, a slight increase from 17% in September.

"Even if another rate rise is required to keep inflation in check, there's a growing perception that the worst is behind us, although borrowers will have to get used to paying more for their mortgages than in recent years," OnTheMarket Chief Executive Jason Tebb said.

Over the month, 36% of properties were sold subject to contract within 30 days of first being advertised for sale, falling from 60% at the same time a year prior--when the market was still enjoying a post-lockdown boost, and before it began to experience the economic shock from former Prime Minister Liz Truss's so-called Minibudget. However, this was roughly consistent with September's figure, indicating the market has broadly stabilized.

"Despite softer sentiment and confidence in some areas, the overriding sense is that people are breathing a sigh of relief," Tebb said.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

11-16-23 0144ET