The property market in England has bounced back from a near standstill due to a build-up of demand and homeowners realising the shortcomings of their homes whilst in lockdown.
According to Zoopla, more homes were sold last week than the same time in 2019 and buyer demand is currently 54% stronger than it was before the market went into lockdown on March 27th. Since the market in England opened back up on May 13th, sales have risen by 137%. Not only has demand increased whilst people were unable to move but other factors have caused this rise in enquiries. A whole new group of would-be buyers have come into the housing market including those who have spent lockdown reassessing their surroundings and those who are experiencing life altering events caused by lockdown including employment and relationship changes.
Zoopla also found that the sales agreed are now just 12% short of the levels seen in early March with the volume rising by 137% since the market reopened. Some 24,341 homes were sold last week as many buyers look to trade city life for country homes and the average asking price of sales agreed over the past week was 6% higher than the same week in June 2019 amid pent-up demand.
We believe that this has set a precedent for Scotland with a surge in demand for homes here when the market fully reopens in Phase 2 of the lockdown restrictions being lifted. In addition, Rightmove found that many people have changed what they are looking for in a property with more emphasis on working from home, living near parks and cycle lanes and looking for more outside space such as a garden or balcony.
If you would like to find out how much your house is worth and get it ready for an expected similar surge, talk to Nicol Estate Agents today.