Demand For Homes Spike As Market Re-Opens

8th July 2020 posted in SELLERS BUYERS

No matter when the housing market re-opened, there was always going to be an increase in demand from people looking to move home quickly. Households whose property move had been put on hold would have been keen to conclude their deals, and many people would have been looking to move home quickly due to a change in personal circumstances.

There are many reasons why someone would be keen to move home, but a change in work or personal circumstances feature prominently. There is also the fact many people would have become bored or frustrated with their home, creating a demand to move house.

Buyers have been keen to engage the housing market

Therefore, we cannot be surprised to see so many figures highlighting a demand for property moves when the market re-opened in May. In England, there was an increase of 88% in the level of demand for homes.

There was also information which suggests many people are keen to continue with their moving plans. A survey of would-be vendors found 60% are keen to continue their plan as normal while 40% are happy to wait until there is greater confidence in the marketplace.

There was also a lot of information listed by Rightmove, one of the leading names in the UK property market. The property portal announced:

  • A 111% week-on-week rise in new sales listings on the day the housing market re-opened
  • The unique enquiries demand from buyers doubled from the Tuesday to the Wednesday when the market re-opened
  • Rental demand has risen sharply, with unique enquiries at their highest one-day level since September 2019

Even if you have a casual interest in the housing market, it is comforting to know there is still demand from vendors, buyers, and tenants. It is important that anyone moving home does so safely, but there are opportunities available in the market.

As 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 the market change?

There will undoubtedly be changes in the housing market. The increased use of video content will become commonplace, but there might also be changes in what buyers are looking for. With remote working becoming more prominent, you might see an upsurge in searches for “home office space” from buyers, which is something vendors should bear in mind.

Miles Shipside of Rightmove 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.”

Currently, in line with Government guidelines, our Hitchin branch has reopened and is again staffed with sales and lettings personnel.  To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 452951 or email hitchin@country-properties.co.uk.