The re-opening of the housing market in mid-May took many people by surprise. However, the speed with which buyers and vendors have engaged the market has taken many people aback and even now, a month on from the re-opening of the sector, there is still a sizable demand for property.
It shouldn’t be a surprise there was an initial uptake of interest when the housing market re-opened. It is believed there were around 370,000 property deals in limbo when the market was paused.
Not all of these deals will be concluded, but many parties will have been keen to resume the process as soon as it was possible. These buyers and vendors alone represented a significant amount of people looking to engage the market as soon as they can.
When you also consider many people’s circumstances would have changed during lockdown, it was inevitable there would be a lot of people looking to move quickly.
Rightmove figures indicate the initial demand for a property move
Rightmove provided the following statistics relating to the initial period after the market re-opened:
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
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.”
HomeMover survey provides further evidence of post-lockdown demand
The HomeMover survey offers more insight into what people’s plans are as the market moves out of lockdown. Vendors who previously intended to sell their home were spoken to, and 52% responded by saying they intend to continue with the sales process. This part of the market is looking to sell their home as soon as they possibly can.
A further 27% of respondents said they intend on selling their house in the next few months, hopefully before the end of 2020. 16% of vendors admit to placing their sales plans on hold until 2021. 5% of vendors said they no longer intend on selling their home.
A lot has changed recently, there are concerns about the stability of the economy as we move forward, and many households will have to review their finances carefully. It is always best to consider a house move carefully at the best of times, but in the current climate, it is imperative prospective buyers feel confident about buying a house.
We know many people and households are looking for guidance on what to do next in the property sector. If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today.
