The core fundamentals continue to persist as the "new normal" bears a striking resemblance to the familiar patterns of the past.

Regarding the housing market, April revolved around a return to the familiar routine, resembling a "business as usual" atmosphere. This newfound normalcy brings a sense of comfort as it resembles the past. Following a period of unprecedented uncertainty triggered by September's mini-Budget, which led to a significant surge in fixed-rate mortgage prices, the market has regained a level of stability. Inflation appears to be decreasing, albeit at a slower pace than desired, and although the possibility of another interest rate hike cannot be dismissed, market projections indicate that we are approaching the conclusion of these upward adjustments.

Overall, the underlying factors present a positive outlook for the property market. Our April data reflects this sentiment, as 70% of buyers in the UK expressed confidence in purchasing a property within the next three months, slightly lower than the 71% reported in March. Furthermore, seller confidence remained steady, with 64% of sellers believing they would successfully sell their property within the upcoming three months in April, compared to 63% in March. While regional variations are typically observed due to the absence of a uniform property market, April witnessed minimal fluctuations nationwide. In addition, approximately 43% of all properties achieved a "Sold Subject to Contract" (SSTC) status within 30 days of being initially listed for sale in April. Although this figure is lower than the 63% recorded in the previous April, it is important to note the contrasting market conditions at that time, characterised by double-digit price growth and strong demand for spacious properties. Currently, a sense of stability has resurfaced, potentially influenced by the Easter holidays and the typical seasonal slowdown when families are away and house hunting takes a backseat.

According to the Nationwide building society, house prices experienced a 0.5% increase in April following a continuous decline over the past seven months. However, agents are particularly interested in transaction numbers, as they provide a more accurate reflection of the overall market health. Fortunately, transaction numbers are also showing an upward trend after a period of decline, as reported by HM Revenue & Customs. In addition, the Bank of England's mortgage approvals for house purchases, which serve as an indicator of future borrowing, are also on the rise, although they are still below last year's monthly average.

Mortgages continue to exhibit some degree of volatility. After experiencing a surge in the autumn followed by a decline earlier this year, mortgage rates have recently shown a slight upward trend due to the rise in Swap rates, which influence the pricing of fixed-rate mortgages. However, there is positive news for first-time buyers as lenders have been reducing rates on mortgages with higher loan-to-value (LTV) ratios, indicating their confidence in the market's prospects.

After the tumultuous past few months filled with fluctuations, a period of relative normalcy and stability is highly welcomed. People are moving forward with their plans to move, driven by various motivations. Despite recent disruptions, such as surging inflation, rising living costs, and higher mortgage rates, the situation is gradually stabilising. Rather than experiencing sharp peaks and valleys, the market has reached a more consistent state. It is fair to say that the market has rebalanced itself and appears to be heading towards a "business as usual" trajectory in the future.

Based on our survey of sellers, the average rates of confidence in the UK for the past month are as follows:

From our sample of buyers surveyed, UK average rates of confidence over the last month were as follows:

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