“One week on from the surprise opening of the housing market and agents are still showing caution and quite rightly putting safety first,” says Rightmove.
“This shows what happens when you temporarily suppress pent-up demand that had been building for years,” says Knight Frank. “It’s early days but the ‘Boris Bounce’ may well be followed by a ‘lockdown lift-off’.”
Benham and Reeves has checked what proportion of listings are marked as sold or under offer by price bracket across prime London.
The conveyancing market experienced a rocky ride in the first few months of the year, diving from a post-election bounce to a lockdown freeze.
It took an average of five days longer to let a home in April 2020 compared to April 2019, but rental demand “has now almost recovered to pre-lockdown levels,” says Hamptons International.
Rightmove points to some big potential changes in the post-pandemic property market, as many people “re-appraise their housing needs”.
Charlie Ellingworth and the Property Vision team take a measured look at what the Covid-19 recovery could look like for the UK’s economy and real estate sector.
RICS’ measure of new residential property instructions fell to its lowest level on record in April (since at least April 1999). Prices are likely to take nearly a year to recover from the Covid-19 crisis, say surveyors…
Aston Chase says it has received a “significantly higher” number of rental enquiries under lockdown compared to the same period last year. LonRes data, however, tells a different story.
The residential market is unlikely to return to full strength until 2022, says CBRE, with the post-lockdown recovery dependant on consumer confidence and the wider economic outlook; agency warns that transactions levels could potentially dip below 2009’s trough, while price falls of 10% ‘cannot be ruled out’
Activity may have plunged as a result of the ongoing Covid-19 lockdown, but lettings activity is on the rise and pent-up buyer demand is building, reports the agency.
The Covid-19 crisis could drive a “rural renaissance”, reports Savills, as affluent househunters shift their priorities in light of the Coronavirus lockdown. Locations are becoming more flexible while space is becoming more important – and the jury’s out on prices.