Since the government reopened the property market last month, house-hunters have sprung into action creating record-high levels of demand for property in England.
Over the last month, property website Rightmove has reported its busiest days on record. On June 6th alone, home-movers spent a whopping 955,000 hours collectively, searching the property.
And this wasn’t all just casual browsing traffic.
Rightmove said that the number of people phoning and emailing agents every day had hit a new record, which was 40% above the level seen in early March before lockdown.
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They also reported that 40,000 new sales had been agreed since the market resumed on the 13th of May, with buyers agreeing to pay 97.7% of asking prices on average.
Their latest figures revealed that the average asking price for properties coming to the market in England has risen by 1.9%, compared to the period before lockdown in March.
In terms of pounds and pence, this means that the price which sellers are advertising their homes is up by an average of £6,266.
Based on Rightmove’s 2019 figures, there are more than 175,000 sales that should have taken place between 24th March and 12th May.
Due to the outbreak of the coronavirus, these moves had to be put on hold, which will be contributing to the bounce-back inactivity.
But we’re also seeing a wave of new buyers enter the market that had no plans to move before lockdown too.
In a recent survey, Rightmove found that over a quarter of people who had no plans to move before lockdown are now looking for a new home.
So the market is now saturated with those who have been waiting to move for months and those who have realised they need something different from their home since lockdown.
As this demand for property continues to rise dramatically, it’s starting to outstrip supply – especially when it comes to family homes.
This shortage of available houses, coupled with a two-month enforce confinement and record-low interest rates, is supporting higher asking and agreed on sale prices.
Rightmove director and housing market analyst Miles Shipside says:
“After three months of speculation about prices we now have a month’s worth of detailed data showing the market bouncing back, and currently with a modest degree of upwards price pressure showing that those buyers hoping to negotiate hard may find their offer rejected in the current market.”
According to Rightmove, demand for property in Manchester is up by 21% from 1st-14th June 2020 in comparison to the same time in March.
The new average asking price for a property in Manchester now sits at £215,333.
This increased demand for property is also reflected in our data, as we too have seen a massive spike in buyer activity locally.
Last week (15th– 21st June), our sales figures were 33% higher than they were at the top of the market in March before lockdown.
Experts believe that this surge in activity is going to put even more pressure on prices until the market achieves some sort of supply/demand equilibrium.
Property website, Zoopla, predicts that the price strength that has been seen since the reopening of the housing market is likely to continue at least until the autumn.
They anticipate that another two or three percent on average is likely to be added to prices in the coming three months.
Zoopla expects that if there are to be price falls, they will not be noticed until the tail end of the year.
Absolutely – especially if you’re looking to move up the property ladder!
Interest rates are at record lows, house prices are up and buyer demand is high.
All the signs are pointing to a highly active summer market. So, if you’re thinking about selling your home, you need to get your property on the market now.
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 you moving.
If you’d like to find out how much you could borrow, book a free mortgage appointment with one of our expert advisors.
With mortgage rates at all-time lows, it might be more affordable than you thought!
Call 0161 443 4830 or book your mortgage appointment online.