Spike In Market Demand Since Housing Industry Reopens

30th June 2020

Spike In Market Demand Since Housing Industry Reopens

No matter your opinion on the re-opening of the housing market, there is no denying many people were keen to have the ability to move available to them. At Merrys, we assure you we are doing everything we can to provide you with the highest standard of service, and safety is paramount to what we offer to our clients.

There was a sharp rise in buyer demand

An example of how the demand for homes has been since the industry re-opened is seen in the 88% increase in demand for homes across England. There has also been support for the market from vendors. Of people who were looking to sell their home before lockdown began, 60% say they are happy to continue with these plans. 40% of respondents said they prefer to wait until there is further clarity regarding the housing market.

Rightmove issued the following figures in the wake of the housing market re-opening:

·         A 111% week-on-week rise in new sales listings on the day the housing market re-opened

·         Rental demand has risen sharply, with unique enquiries at their highest one-day level since September 2019

·         The unique enquiries demand from buyers doubled from the Tuesday to the Wednesday when the market re-opened

While it is great to see such positivity in the market after a challenging period, it is crucial people follow a cautious approach as to how the market moves forward. Safety must be a priority, and there will likely be peaks and troughs as the market adapts to fresh challenges.

Miles Shipside of Rightmove said; “Unique enquiries on property for sale doubled from the day before, though we expect consistent momentum to rebuild over several months rather than weeks. With no new seller asking price data it’s too early to comment on price movements, though high demand is needed to support a stable market.”

What will buyers want from property?

There is a strong chance we will see some changes as to what buyers are looking for in the housing market. It is likely remote working will become more common, and this will impact what people want to see in a home.

Gardens will always be a priority for buyers, but factors like a home-office space and reliable broadband connectivity will become crucial for buyers, which means vendors must consider them too.

Richard Donnell is the director of research and insight at Zoopla, one of the leading names in the housing market, and he said; “The COVID crisis and 50-day lockdown has created an unexpected one-off boost to housing demand. Millions of UK households have spent a considerable amount of time in their homes over the lockdown period and missed out on hours of commuting. any households are likely to have re-evaluated what they want from their home. This could well explain the scale of the demand returning to the market.”

We know a lot of people are looking for guidance and assistance right now. If we can be of any assistance, we will. Therefore, if you have any housing market questions, please contact Merrys today, and we will be happy to help.