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Housing Market As Lockdown Lifts

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Fri 26 Jun 2020

Housing Market As Lockdown Lifts

The re-opening of the housing market in mid-May was welcomed by many people, but there is still a need for safety and common sense throughout the housing industry. There is no denying that people whose property move was placed on hold would have felt a sense of relief at the re-opening of the market.

It is also easy to see why many people would have been keen to interact with estate agents as soon as the opportunity arose. For many people, the lockdown period has seen them experience life-changing events. Changes to your work or personal relationships are often the reason people move home, and these changes occurred during lockdown.

Many people are re-valuating their opinions on the housing market

It might be that the time spent at home during the lockdown has caused you to re-evaluate your home and options. If you have decided it is time for a change, or you are looking for fresh surroundings, you will be keen to move as quickly as possible.

Therefore, we shouldn’t be surprised to learn there was an 88% increase in demand for homes across England since the market re-opened.

There is also evidence which suggests people who planned on moving remain interested in continuing with their plans. 60% of respondents in a survey said they intend to move as planned while 40% of respondents said they will wait until there is a greater degree of clarity in the property market.

Rightmove are one of the leading names in the housing industry, and they have provided the following information for market movement since the 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

It is comforting to know there has been significant interest from buyers, vendors and tenants; but it is imperative that safety remains the top priority. We are continuing to follow recommended guidelines, and we will ensure all our clients are protected as best we can.

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.”

Will buyers want different things from a home?

An area of interest for the housing market will lie in what buyers are looking for from a home. There is a strong chance the increase in remote working will impact on the housing market. There might be a greater demand for homes with a designated office space, and gardens will remain a crucial component for properties.

Miles Shipside of Rightmove also said; “High demand could lead to a boost in values for properties that offer inspiring home-working options. But on the other hand, the extra value for a property being close to a popular commuter route may diminish if working from home becomes the new norm. We already saw some early signs of people enquiring more about out-of-city areas so it will be interesting to see if this leads to a change in where people choose to buy now the market has been unlocked.”

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.