For this week’s ‘In Focus‘ series, Mary-Lou Press, President of NAEA Propertymark, draws on frontline estate agency experience to explore how the current high-interest environment is reshaping the property market. She highlights the emergence of “rate-resilient” buyers, those with the financial preparedness and strategic approach to navigate rising borrowing costs, and what mortgage resilience looks like in a higher-rate environment.
The property market has always been a benchmark for consumer confidence, but in today’s higher interest rate environment, estate agents are witnessing a notable shift in the type of buyer progressing from enquiry to completion. While demand remains, it is increasingly concentrated among what we might term “rate-resilient” buyers, those whose financial profiles and strategic decisions allow them to absorb or mitigate the impact of elevated borrowing costs.
From an estate agent’s perspective, this is not a theoretical trend; it is something we see play out in real time. Viewings are still busy, portals still generate leads, but only a subset of applicants ultimately proceed with confidence, secure finance, and complete transactions. For mortgage professionals, understanding the characteristics of these buyers offers valuable insight into how borrower behaviour is evolving, and where opportunities lie.
One of the clearest indicators of resilience is deposit size. Buyers with larger deposits are consistently outperforming those with minimal equity. Not only do they benefit from access to more competitive mortgage products, but they also have a greater buffer against valuation shifts or affordability constraints. In practice, estate agents observe that these buyers are less likely to renegotiate late in the process or withdraw due to marginal rate changes. They are, quite simply, better insulated.
This trend is particularly evident among second steppers and equity-rich movers, but it is also emerging among first-time buyers who are increasingly relying on family support. From a broker’s standpoint, this underscores the continued importance of exploring gifted deposits, intergenerational lending solutions, and structuring applications that maximise loan-to-value advantages.
Another defining trait of rate-resilient buyers is their approach to product selection, specifically, a growing preference for longer-term fixed rates. Where two- or three-year fixes once dominated, estate agents are now seeing more buyers opt for five- or even ten-year products. The motivation is clear: certainty.
In a volatile rate environment, buyers progressing through the pipeline want reassurance that their monthly payments will remain stable, not just in the immediate term but over a longer horizon. Deals are less likely to fall through when buyers feel protected from future rate rises. For brokers, this highlights a shift in mindset, from short-term optimisation to long-term security, and reinforces the need to clearly articulate the trade-offs between flexibility and stability.
Household income dynamics are also playing a crucial role. Dual-income buyers are disproportionately represented among successful transactions. With affordability calculations under pressure, having two reliable income streams provides both lenders and buyers with greater confidence. Estate agents frequently note that single-income applicants, particularly at higher price points, face more challenges in progressing without compromise, whether on property type, location, or budget.
For mortgage professionals, this trend may prompt a more nuanced approach to affordability discussions. It also suggests an opportunity to support clients in presenting their financial position as robustly as possible, including the use of bonuses, secondary income, or long-term employment stability where applicable.
Perhaps one of the more understated but significant groups in today’s market is the downsizer. These buyers are often highly rate-resilient, not because they are unaffected by interest rates, but because they are actively reducing their exposure to them. By moving to a smaller or less expensive property, they lower their borrowing requirements, or, in some cases, eliminate the need for a mortgage altogether.
Estate agents see downsizers as some of the most proceedable and committed buyers in the chain. They are typically less reliant on high loan-to-income ratios and more focused on lifestyle considerations, equity release, or future-proofing their housing costs. For brokers, this segment represents an important advisory opportunity, not just in terms of traditional mortgages, but also later-life lending, equity release products, and holistic financial planning.
What ties all these profiles together is a common thread: resilience is not accidental. It is built through a combination of financial preparedness, strategic decision-making, and, often, professional advice. Buyers who succeed in today’s market are those who enter the process with clarity on their limits, confidence in their financing, and a willingness to adapt their expectations.
For mortgage professionals, the insight from estate agents is clear. The market has not disappeared; it has become more selective. By identifying and supporting borrower profiles that demonstrate resilience, brokers can improve conversion rates, reduce fall-throughs, and ultimately deliver better outcomes for clients.
Equally, there is an opportunity to help less resilient buyers become more so. Whether that means advising on deposit-building strategies, exploring longer-term fixes, or adjusting property ambitions in line with affordability, the role of the broker is more critical than ever.
From the front line of property transactions, one message stands out: resilience is the new currency of the housing market. Those who understand it and help their clients build it will be best placed to navigate whatever comes next.
