From the moment the property market officially reopened its doors over two weeks ago, a tidal wave of pent-up demand has come flooding back to the market.
Property portal, Rightmove, reported a 70% increase in the number of email enquiries to agents the morning after the government announcement on the 13th of May.
And the latest property report from online portal, Zoopla, shows housing demand has risen by a staggering 88% following the reopening of the market this month.
Zoopla’s latest figures indicate that buyer demand has actually surpassed levels seen before the coronavirus lockdown began in March.
Many industry experts, including our CEO Colin Mellor, predicted that a huge wave of pent-up demand would hit once the market reopened.
There are plenty of factors that will have contributed to this unique spike in demand, but the main one is really simple.
Since the beginning of lockdown, most of us have spent more time at home than we ever normally would.
All this time indoors has caused many of us to revaluate our homes and what we want from them moving forward.
You might have noticed you’ve outgrown your current house, you do actually need a garden or you want to live closer to your family.
It’s these moments of reflection that have encouraged a strong desire for change.
And we think this desire for change is fuelling the enormous demand we’re seeing now.
Zoopla reported a 7% increase in demand for property in Manchester, with the average house price up by 3.8% in May.
Our data also shows that locally, buyer demand has rocketed from the moment the property market reopened.
From Tuesday the 12th to Thursday the 14th of May, our website visits jumped by nearly two thirds.
The number of house hunters clicking to view a property’s details in both Manchester and Stockport has dramatically risen week-on-week since the 12th.
In fact, this week our data showed a 16% increase in people clicking through to view a property’s full details in both of these areas in comparison to the same timeframe a year ago!
Overall, the outlook for the housing market is really positive – and to anyone looking to sell, now is the time to do it.
The next four weeks might be the best time in the last 30 years to sell a house.
It’s a particularly exciting time if you’re looking to move up the property ladder! Interest rates are at a record-low, house prices are up and buyer demand is high.
But, you need to act now if you want to make the most of it. We don’t know how long this surge in demand is going to last and your window of opportunity might only be small.
Holding off on your next move might end up being a costly decision, so make sure you take advantage of the market whilst you can.
If you’re thinking about selling your home, we can help you make a safe, successful move.
Get in touch with us today on 0161 443 4860 to book your FREE, no-obligation valuation. We’d love to chat about how we can get your moving.
You can also book your valuation online, here.
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