MOMENTUM LOOKS TO BE ON THE RISE

Daniel Butterworth, pictured, sales manager at Property Ladder Devon, assesses the state of the property market as the lockdown rules are eased

Spring is traditionally the busiest time of the year for estate agents, with most conducting up to half of their annual business between March and July. This has been curtailed this year by the Covid-19 outbreak but there now seems to be a pent-up demand as estate agents return to work.

The most common questions we are being asked at the moment are: “Is it busy?” and “What will happen to house prices?”

We’re seeing clear signs of momentum in the market, with many wanting away from their lockdown home, realising that they should move to improve their lifestyle and surroundings.

Also, many have seen the lockdown period as the perfect opportunity to renovate and finish off their ongoing home projects and they now have a big question mark in their minds: “How much is my home worth?”

With the base rate and mortgage rates being so low, this is also seen by our main “market driver”, the first-time buyer, as a good opportunity to buy a house on a fixed rate deal.

The previous but unpursued initiative of “virtual viewings and valuations” has also had a new positive impact on creating momentum.

Potential sellers can now find out how much their house is worth and view their next potential home with the ease of technology and not having to leave the house.

We believe technology could be a useful tool for the future, especially for distant potential buyers.

Buyers and sellers have indicated to us, however, that they still feel it is best to view the property to gauge it’s feel.

Many agents have measures in place to protect customers and staff while still conducting viewings and valuations.

So the answer to the questions at present is that it’s been a busy return. We have seen a pent-up demand in the industry.

Valuations, viewings and rentals have increased, with many customers wanting to press on.

If you are thinking about a move and want some advice, we would love to chat to you and offer our wealth of experience to help you make a decision. Call 01803 521111.