While there has been a sizable amount of activity in the housing market since it re-opened, this shouldn’t be seen as a surprise. There were many property deals left in limbo because of the lockdown. It is believed around 370,000 transactions were in this state, so it makes sense a lot of the people involved in these deals were quick to react when it was safe to do so.
There were also people who weren’t looking to move before the market paused, but were then making it a priority. These people would have been rushing to estate agents as soon as the market.
Now the initial rush has subsided, it is vital to get a feel for what people think or expect from the housing market. A leading survey provides insight into what vendors, buyers and agents think about the current state of the market.
Vendors appear to be in favour of the market re-opening
Of the vendors surveyed, close to half said they planned on selling their home before the lockdown occurred, and of this group, a significant majority still intend to sell their home. 52% of this group say they plan to list their property for sale as soon as they can, with 27% saying they hope to sell their property in the next few months.
16% of this group expects to delay their sale plans until 2021, and 5% have changed their mind about selling their home.
Buyers still want to move home
Of the 75% of respondents who said they were looking for a new home before lockdown, only 6% have said they have cancelled their plans to buy a home. Over three-fifths of respondents said they are keen to buy as soon as they can or when they sell their existing home.
The market in London seems a little bit more hesitant than the market outside of London. There is still a strong intent to buy a new home, but 35% of prospective London buyers intend to delay the buying process for a few months or even until 2021.
This compares with 24% of buyers outside of London who intend to delay buying a home.
What are buyers looking for in a home post-lockdown?
One issue many people in the market are considering is whether buyers will value different features in a home after the lockdown. From the buyers who still intend to move, the following features were classed as being most important:
- Living in a more rural, less urban area
- Living closer to family and friends
- Having a home office space to work from
- Having a garden space
- Broadband speed
It is interesting to see that moving to a larger property and moving to a smaller property both featured. The lockdown period has given people time and opportunity to reflect on what they need, so it shouldn’t be a surprise that some buyers want to change their surroundings and try something different.
In line with Government guidelines, our Baldock Branch has reopened and is again staffed with our experienced team. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 895061 or 01462 742077, or you could email firstname.lastname@example.org or email@example.com.