Many prospective UK homebuyers are so far not deterred by mounting economic pressure, new research from Bloomberg Intelligence reveals.

A survey of 650 adults found that 44% of respondents have decided to postpone or pause their plans but 56% of that group intend to purchase a house in one to two years.

Among those looking to complete a home purchase within the next two years found 27% want to go ahead with a deal in the next seven to 12 months, with 12% preferring four to six months. 

Meanwhile, 41% of buyers with unchanged schedules aim to complete within the next six months – this rises to 50% in London. 

In London, only 36% of prospective buyers are willing to pause or delay their plans, with as many as 44% accelerating their timelines, largely driven by motivated first-time buyers. 

Of those, 46% plan to own a home in the next four to six months and 16% within three months. 

For those pausing or delaying plans, 36% cited the cost-of-living crisis as the most pertinent reason. This was followed by 34% of people who were concerned about the worsening economic outlook.

London-based respondents who wanted to delay their purchases pointed to waiting for prices to fall (27%) as another key reason. 

The survey also suggests that rising mortgage rates will prevent or delay house purchases for about 30% of prospective UK homebuyers.

However, respondents have shown significant flexibility, with 21% of homebuyers considering a cheaper property. 

Homebuyers based in the North West and Northern Ireland were least likely to consider a less expensive home (12.5% each). 

In addition, 17% of respondents noted extending mortgage terms as the main reason, while 15% suggested cutting back elsewhere.

On average, those in London were more likely to make sacrifices to buy a home than those in other regions. 

Bloomberg Intelligence real estate industry analyst Iwona Hovenko says: “Our survey suggests most prospective UK homebuyers haven’t been deterred by mounting economic pressure.”

“Crucially for homebuilders such as Barratt, Persimmon, Taylor Wimpey, Bellway and Berkeley, many people have shown significant flexibility, considering cheaper homes or making other sacrifices to counter rising interest rates.”