Is now a good to time Buy & Sell?

Published by
June 12, 2020 4:12 pm

With a huge buyer boom after the property market reopened on May 13th, millions of house hunters flocked Rightmove to search for a new home, with Rightmove even recording it's busiest ever day on Wednesday 27th with over 6 million visits which is up 18% compared to 2019!

But what does this mean for buyers and sellers? We have gathered together some key statistics and trends we have seen over the past few weeks, to give you a clearer picture of the current property market.

The reopening of the property market has released a lot of pent-up demand,  people that were holding off are now going ahead with their plans to move. Millions of UK households are forecast to review their housing priorities after spending so much time at home, people may have realised their need for a more spacious home, a home with a garden and those working from home more in the future, the opportunity to move to another area.

Key Findings

  • A huge number of calls are coming through for property enquiries, valuations & viewings
  • High demand for property viewings has resulted in offers over asking price, and properties flying off the market
  • Many sellers who were holding off putting their property on the market when the lockdown was announced are now feeling more confident than ever to resume with sale
  • Over 47 million minutes were spent collectively on Saturday, May 23rd, making it the busiest day for time spent on the Rightmove site
  • Zoopla research found that the demand for housing is now 54% higher than at the start of March, bringing in a huge volume of would-be-movers to the housing market within the last 4 weeks
  • Over a quarter of people (28%) who were not planning on moving before are now entering the property market according to Rightmove
  • The latest data and analysis from Zoopla has revealed that the suppressed demand over the past couple of months has resulted in stronger prices of sales agreed in the last week 6% higher than June 2019

 

The demand for property is now higher than ever!

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This post was written by Sara Dakri

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