When the housing market re-opened in England, there was a notable spike in demand with buyers and vendors engaging the market. These trends have continued, to find out more, check out our blog.
While there has been a lot to think about in recent weeks and months, it would be no surprise if many people decided during lockdown that they wish to move home at some point. While a lot of people have enjoyed the sense of community spirit around them, staring at the same walls each day will cause some people to dream of fresh surroundings.
There is also the fact that circumstances change. Some people’s working routine or personal life may have altered during the lockdown, creating the need to move. These people, as well as the people who were waiting to conclude a property deal will appreciate the housing market being open once again.
There was an initial spike in demand for property moves
There is a range of figures detailing the spike in demand for homes during lockdown, and the increased activity since the market re-opened. In England, there has been a rise of 88% for the demand for homes since the market has been operating again.
A survey of people scheduled to move home found 60% were willing to stick to their plans. 40% of respondents said they prefer to wait until there is more clarity and confidence in the housing market.
There has been a steady increase in the number of agreed property deals, but it will take a longer time-frame for any significant increase to arise.
Rightmove, one of the leading names in the housing market, have issued the following statistics relating to the initial days of the housing market:
- 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 pleasing to see cause for optimism in the housing market, but there must be a cautious approach too. All vendors and buyers should maintain safety as their priority if they are keen to move soon.
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 buyer demand change as the market moves forward?
It will be interesting to see if there is any change to what buyers’ class as important when looking for a house. The increase in remote working might place home office space as more important, and homes in commuter areas may not be as essential for some buyers.
Richard Donnell is the director of research and insight at Zoopla, 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 these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.