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Busiest month in ten years for the property market!

Published: 18/08/2020

Rightmove has reported that the post-lockdown boom in the property market is continuing to accelerate rather than slow down.

Traditionally we would see a slow down during the summer months, as people tend to be focused on their summer holidays. However, this year homeowners have put more property on the market, and more sales have been agreed, than in any month for over ten years!

This has led to monthly price increases in ten out of twelve regions, with seven of those seeing a record high in new seller asking prices.

Rightmove director, Miles Shipside, has stated that there has been ‘a rewriting of the previously predictable seasonable rulebook’ for the housing market activity.
This is not only a release of pent-up demand due to the suspension of the housing marketing during lockdown, but also there is extra demand as people have re-evaluated where they live after the experience of lockdown.

Many people have come to realise that they need bigger outside spaces or an office to enable them to work from home more efficiently and in Norfolk we have seen a huge surge in out of area buyers looking to either relocate permanently or work from home more, meaning they can reside in Norfolk most of the time and commute to London or Cambridge for example just once or twice a week.

The stamp duty holiday is another factor that could be playing into us seeing such momentum at the moment, however, it’s not thought to just be a result of this as sales agreed have increased across all sectors of the market.

There are 44% more properties coming to market compared to the same period a year ago and the number of sales agreed has shot up by 60% in comparison to the same week last year.

This means that demand is high, and particularly across Norfolk, there are not enough properties to satisfy the number of buyers out there looking to purchase.

Will Lightfoot, Group Sales Manager for Sowerbys said ‘NOW really is the time to sell. The demand for property is unprecedented at the moment and so any home which is priced correctly is selling. A market as buoyant as this is not likely to last, so if you want to move this year, price your home to sell now’.

So, if you’ are thinking of selling, why not book a free, no obligation up-to-date property valuation with us to see how much your home could be worth?