An encouraging turnaround for housing market - 12/06/20

Robert Watts is proud to announce that within the last four weeks since the housing market reopened, there has been an impressive surge in demand. We have arranged 737 viewings and a total 72 properties have been instructed.

In the period 18 May – 10 June, 143 offers have been received and 44 sales agreed, echoing the statement made by Zoopla that Covid-19 seems to have created a one-off boost to demand and brought a new cohort of would-be movers to the housing market.

This is fantastic news that we are seeing progress not just across the country, but also here in our region. Specifically, the index of new sales agreed by region appear to be highest in the North and Midlands and lowest in London. Scotland and Wales continue to record low levels of sales as their markets remain closed.

John Watts, Managing Director of Robert Watts Sales, commented: “I am thrilled to see such a promising set of data after a difficult time for the industry. I hope this reassures many buyers and sellers that demand and supply for property is increasing.”

Four weeks since the property market reopened, Zoopla has reported that there has been a sales leap of 137%. Demand for housing is now 54% higher than the start of March 2020, and demand has increased at a higher rate for higher value homes as homeowners look at trading up their current home for added space or a better location.

Since individuals are keen to continue working from home and splitting their working week across the office and home, there is less pressure to live closer to the office, which has resulted in new sales in London lagging behind as buyers are looking outside the capital. Instead, commuters are considering longer travel to work to reap the benefits of less crowded and greener living areas, such as West Yorkshire and the surrounding areas.

The average asking price of sales in the last week were 6% higher than in June 2019, showing that demand is not the only thing that has increased. The annual growth asking prices for agreed sales are picking up where they left off pre-Covid having fallen slightly during lockdown. Demand is also higher for properties within higher price bands, with sales of £1m homes 16% higher than in early March.