English housing market picking up following lockdown

30th June 2020

English housing market picking up following lockdown As the housing market reopened, estate agents recorded an average of five sales per branch, and demand for housing was seven per cent higher than recorded pre-lockdown.

The data was collected after the English housing market reopened on 13 May with our latest report covering the period 13 to 31 May. 

Supply and demand 

The number of house hunters registered per estate agent branch rose by seven per cent, increasing from 322 in February to 344 in May. Year-on-year, housing demand is up by 12 per cent, rising from 307 in May 2019 as prospective buyers resumed their home-buying plans.

The number of properties available per member branch stood at 35 in May, a year-on-year fall of 15 per cent from 41 per branch in May 2019.

Sales 

The average number of sales agreed per estate agent branch stood at five in May, a decrease of almost half (44 per cent) compared to February when there were nine sales recorded per branch.

The number of sales made to first-time buyers stood at 32 per cent in May, a rise from 22 per cent recorded in February.

Other considerations

More than two in three (70 per cent) properties sold for less than the original asking price and 61 per cent of estate agents have seen an increase in the number of sales falling through since the Government imposed a lockdown.

SOURCE: NAEA Propertymark

A Happy New Year from all at Stanbra Powell.

We have had many questions regarding our position after the governments announcement to lock the country down for the foreseeable future.

As with the first lockdown in March, the housing market stays fully open for business.

This means that as long as everyone adheres to the regulations in terms of safety then both sales and lettings agents can still offer viewings, property valuations and assist in the sales progression alongside solicitors.

We are however, are currently only offering viewings to proceedable people unless local with a home to sell.

Stanbra Powell is open as normal to help you with your property move in any way we can, while taking all precautions to make sure everyone is safe and their wishes respected.

Please call any member of the team with any questions and we will be happy to advise.
January Lockdown Update Hide