Housing market starts moving after lockdown
We are seeing the demand to get moving as soon as possible
THE number of people viewing properties online has bounced back to levels seen before the lockdown amid the “surprise” reopening of England’s housing market this week, according to a website. Rightmove said home mover visits to its website had been hitting prelockdown daily levels.
Last week the day England’s housing market was taken out of the deep freeze where it had remained during lockdown, nearly 5.2 million visits were made to Rightmove.
This was a 4 per cent increase on the same day a year earlier.
Meanwhile, Halifax has reported seeing mortgage applications spike by 36 per cent in the past week compared with a week earlier.
Miles Shipside, director of Rightmove, said the industry had been “caught by surprise” at the easing of rules which allow people in England to now go on physical property viewings and make trips to estate agents.
Those involved in buying and selling will still have to follow strict Government guidelines to limit the spread of coronavirus generally.
Mr Shipside said: “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.” He added: “The industry has been
Halifax
caught by surprise, as we were all expecting the housing market to stay closed until at least June.”
Rightmove said, for the second month in a row, there were still too few properties coming to market to give an average asking price figure.
In England, only serious buyers should be viewing sellers’ homes, with Government guidance recommending online virtual viewings in the first instance.
Recent research from Savills has also suggested that house hunters are increasingly prioritising properties with space to work from home, and those in village locations.
Mr Shipside said: “It’s especially important for the recovery of transaction volumes that prospective buyers and existing and future sellers feel reassured enough to reengage with their pent-up housing needs, but safety is the top priority for all and so it will take time.
“All parties will have to be innovative to work effectively while adhering to these guidelines. There are many benefits, including freeing sellers of the need to maintain a constant state of tidiness and letting them avoid the frustration of noshows often associated with frequent physical viewings.
“High demand could lead to a boost in values for properties that offer inspiring home-working options. But on the other hand, the extra value for a property being close to a popular commuter route may diminish if working from home becomes the new norm.
“We already saw some early signs of people enquiring more about outof-city areas so it will be interesting to see if this leads to a change in where people choose to buy now the market has been unlocked.”
Tom Martin, mortgages director at Halifax, said: “From speaking to customers directly every day, we are seeing the demand to get moving as soon as possible.
“However, we would suggest taking time to do the research and seek expert advice before doing so.”