Rightmove UK house prices soar by £6,266 – 40,000 new sales agreed since May 13

Rightmove UK house prices soar by £6,266 – 40,000 new sales agreed since May 13

Alongside this, the number of sales agreed has recovered from its 94 percent drop. This is now only a three percent drop from the same time a year ago.

40,000 new sales have been agreed since May 13, when the market reopened, releasing a flood of pent-up demand.

Miles Shipside, Rightmove director and housing market analyst, said: “Following the initial shock of the early reopening of the housing market, England is getting moving again with a boom in traffic on Rightmove.

“There are no signs of panic selling or even a price dip. Some sellers who had agreed a sale before lockdown have been worrying that their buyer may try to re-negotiate with a reduced offer.

“On this evidence buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards.”

Analysis of new sales agreed indicates upwards price pressure, with buyers agreeing to pay 97.7% of the asking price on average, an improvement from 96.6% for sales completed in February.

The number of people contacting estate agents has also hit a new daily record, with a 40 percent increase on the levels seen in early March.

Many people are reevaluating their living situations amid lockdown.

Previous research has shown the the rush back to market has come amid consumer demand for houses with balconies, gardens and near outdoor space.

READ MORE: UK house prices plunge to 10-year low – but new hope for housing market

 

Right move saw its ten busiest days ever in May and June, with home-movers spending over 955,000 hours hunting on 6th June.

Figures released last week by Zoopla also showed that more homes were sold last week than this time last year and buyer demand is 54 percent stronger than it was before the market was frozen.

At the time, Lucian Cook, Savills head of residential research, said: “Without doubt, pent-up demand accounts for some of the bounce in transaction numbers, but it also tells us that for those buyers with stable incomes who’ve been able to shield their finances through the lockdown, there is still a pretty strong resolve around moving, including within London’s domestic prime markets.

Andy Shepherd, CEO of Dexters in London, said: “We’re tremendously busy across all of our 70 London offices. Transactions numbers are increasing daily, over the past two weeks we’ve agreed sales on over 250 properties and arranged lettings on over 600, so 85 a day or 10 an hour in the working week.

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Shepherd said that before lockdown the firm had seen the best market for five years, however comparing last week with the first week of March, Dexters’ transactions were up by 60 percent.

“A recurring theme from both buyers and tenants is the need for more interior space for home working; outside space, whether a balcony, roof terrace or garden and a more convenient location, whether for work, leisure or family reasons,” he concluded.

Published at Tue, 16 Jun 2020 09:43:00 +0000