Martha Vallance, Chief Operating Officer, Dye & Durham, comments on research showing although sentiment about personal finances has dipped, consumers’ plans to purchase or sell properties over the next year have not experienced the same downward pressure. 

UK consumers are feeling financially worse off than they were a year ago, especially those aged 35-54, according to Dye & Durham’s newly launched UK Pulse Report for Q3 2023.  However, a separate Dye & Durham survey conducted in the UK in March 2023 found 1 in 10 (10%) of UK respondents were planning to delay property purchases to wait for lower interest rates or asking prices. That’s down to 1 in 20 (5%) today.

Similarly, the UK Pulse Report for Q3 2023 found that two per cent of respondents sold their primary residence and purchased a new one in the past 12 months, but three per cent plan to do the same in the next 12 months.

Martha Vallance, Chief Operating Officer, Dye & Durham, comments:

“It’s clear that many people in the UK continue to be affected by the tough economic conditions, with rising bills and high interest rates making people feel financially worse off. This has had a knock-on effect for many industries as transaction activity has declined, including the legal industry that we operate in. However, as rates begin to hold – and eventually decline – we expect to see a significant upswing in areas like real estate transactions, business originations and others that should help legal firms bounce back from a slower-than-normal year.”

Full press release: UK consumers showing signs of optimism about property market despite continued financial pinch

Media contact: Mel Betts / Peppa Sheridan on +44 (0) 1544 318546 / + 44 (0)1787 32377 / Melanie.betts@grapevinepr.com / peppa@peptalkpr.co.uk