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There was a sharp rise in buyer demand
A quick example of the significant spike in demand for homes can be seen in the 88% rise in demand for homes in England since the market started operating again.
There has also been a survey of people who were planning on selling their home, with 60% saying they are keen to stick to their property plans. 40% of respondents indicated a preference to wait until there is more clarity in the market.
While there has been a steady increase in the volume of agreed property deals, it will likely be some time until the statistics indicate a significant increase.
One of the leading operators in the housing market is Rightmove, and they stated the following statistics in the aftermath of the market re-opening:
- A 111% week-on-week rise in new sales listings on the day the housing market re-opened
- Rental demand has risen sharply, with unique enquiries at their highest one-day level since September 2019
- The unique enquiries demand from buyers doubled from the Tuesday to the Wednesday when the market re-opened
While many people will be pleased to see a level of optimism surrounding the housing market, it is vital that there is a cautious approach to any property moves. All buyers and vendors should maintain safety in every interaction and engagement.
Miles Shipside of Rightmove said; “Unique enquiries on property for sale doubled from the day before, though we expect consistent momentum to rebuild over several months rather than weeks. With no new seller asking price data it’s too early to comment on price movements, though high demand is needed to support a stable market.”
What will buyers want from property?
One area of note in the housing market will be what buyers are looking for. With remote working becoming more common, there is a strong chance this will influence what buyers want in a home. Homes with gardens and a home-office space might be more appealing than homes which were previously ideal for commuters.
Richard Donnell is the director of research and insight at Zoopla, one of the leading names in the housing market, and he said; “The COVID crisis and 50-day lockdown has created an unexpected one-off boost to housing demand. Millions of UK households have spent a considerable amount of time in their homes over the lockdown period and missed out on hours of commuting. any households are likely to have re-evaluated what they want from their home. This could well explain the scale of the demand returning to the market.”
We know many people have questions and queries right now, and we are here to help as best we can. Please get in touch with Austin Property Services if there is anything, we can assist you with.