There has been a steady fall in enquires this year, similar to that of the lack of confidence in the industry. However, as the year comes to a close, we are seeing 6% of our respondents gain confidence in just one month (from 10% of respondents feeling more confident in November 2022 to 16% in December 2022).
Enquiries are also slowly going up, with 27% of respondents reporting an increase in enquiries in October 2022, compared to 16% in August. One respondent commented that “since the economic turmoil of the mini budget has subsided, enquiries and conversions have increased again as confidence has returned,” suggesting that there will be more positive data in the coming months and new year.
In addition to this, from the confidence graph, we can see there is typically a drop in confidence around the end of the year. It could be suggested that the dramatic drop for 2022 is because of the economic climate of the UK. It is possible we will still see the confidence grow with one respondent saying they are “hoping for a market spring rebound once the winter unknowns are history.”
To read the full report click here: UK Barometer Report October 2022