Last week the housing market in England opened back up, with safety guidelines in place for estate agencies and clients to follow. Originally before this there was an uncertainty on how the market would be, with experts expecting a decrease of about 10% compared to the same time last year. However, on Wednesday last week, Rightmove saw an influx of home-buyer website visitors which was in line with levels before lockdown, seeing numbers increase by 4% compared to the same day in 2019. The rental market also saw surges of high enquiries, which the property market had not seen within one day since September last year.
Lockdown has highlighted a change of priorities for a lot of home owners with a lot more people now working from home and wanting larger outdoor spaces with countryside walks on their doorsteps. People have taken up DIY jobs around the house for renovation and comfort. It seems that more so than ever that the importance of a house not only being a home but feeling like a home has been pushed by these DIY renovations that people have never had the time to do before.
Miles Shipside, Rightmove director and housing market analyst comments: “The traditionally busy spring market was curtailed by lockdown, but we’re now seeing clear signs of returning momentum, with the existing desire to move now being supplemented by some people’s unhappiness with their lockdown home and surroundings. Some may be unable or unwilling to move now, but those who are ready to take the plunge have jumped immediately into action. 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. If there are attractive lower deposit mortgages available, it would help sustain the recovery in activity. The industry has been caught by surprise, as we were all expecting the housing market to stay closed until at least June.” (Rightmove, 2020) READ MORE: https://www.rightmove.co.uk/news/house-price-index/