It is suggested there were around 370,000 property deals left in limbo, so it stands to reason many of these buyers will have contacted their agent when the market re-opened. You also cannot underestimate the amount of people whose circumstances changed during lockdown. There will have been many people keen to initiate a move as soon as it was safe to do so.
Therefore, there was always going to be an initial spike. The interesting thing is looking at the market now, and working out what buyers and vendors think about the market going forward. As we move forward, people will move at their own pace, so it is unlikely there will be a universal feeling about house moves and what to do.
However, surveys offer insight into what people are thinking, and the initial responses from buyers and vendors indicate people are still keen to move home.
Vendors remain on track to sell their home
Around half of the vendors spoken to in the survey intend to continue with their plans. 52% of vendors who were planning a property sale before lockdown intend to continue with this process as soon as they can. 27% of respondents said they plan on selling their home in the next few months.
Of course, not everyone is able to move soon, but this doesn’t mean that their plans have been dropped. 16% of vendors say they intend to sell their home in 2021 and just 5% say they no longer intend on selling their home.
It might be that people no longer want to move, and that is their right. It could also be some households are waiting until there is clarity and more confidence in the market before committing to the moving process.
No matter what your thoughts on selling are, you can rest assured that Austin Property Services is here for you if you need us.
What do buyers want to see in a home?
Something we are very interested in is helping buyers find a home, and working out what buyers want from a home post-lockdown. The survey lists a garden space as the leading priority for buyers, but this was a top priority before the lockdown. For 2019, Zoopla listed “garden” in their top three searches used by buyers when considering property.
Of more interest is buyers looking for a home office space, fast broadband connections and a more rural setting. We believe Bournemouth and surrounding areas provides the best of both worlds, and it wouldn’t be a shock to see buyers from London and its suburbs look closely at what we have to offer.
We think there is a lot to like and love, and we believe any buyer considering this area will feel the same.
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.