UK's property market bounces back with 137% sales surge
Source from The Daily Mail Online. Since estate agents in England and Scotland reopened in May a whopping 24,341 homes were sold – while buyers look to 'trade up life in London for the regions'. We are hoping to see the same results for us here in Wales soon as lockdown is lifted.
Britain's property market is roaring back with sales surging by 137 per cent since estate agents in the UK reopened for business one month ago, it was revealed today.
Some 24,341 homes were sold last week as many buyers look to trade in their life in London for the regions as the UK gradually comes out of the coronavirus lockdown.
The average asking price of sales agreed over the past week was 6 per cent higher than the same week in June 2019 amid pent-up demand, according to Zoopla.
It comes as portals such as Zoopla and OnTheMarket has seen a surge in searches for countryside properties with good transport links so people could work from home for at least part of the week. This could be fantastic for those wanting to sell their properties in the Welsh countryside. We have already got a list of applicants ready to view for when Wales get the green light.
Although we are hoping for the same surge as England and Scotland, we are concerned about the lack of stock that may be available. Applicants have already had several video viewings, brochures, intricate details and therefore as soon as physical viewings are possible, we expect a range of offers.
If you are looking to put your house on the market we urge you to start the process now so that when the market does re-open here in Wales, your property will gain the attraction right away.
Richard Donnell, director of research and insight at Zoopla, said the coronavirus pandemic has 'brought a whole new group of would-be buyers into the housing market'.
He said: 'Activity has grown across all pricing levels, but the higher the value of a home, the greater the increase in supply and sales as people look to trade up.'
People are looking to upsize and downsize their family homes.
These numbers also underscore the extent to which lockdown has caused people to re-evaluate what is most important in the space they occupy, with a greater focus on outdoor space and perhaps a home working space.
This opens a window of opportunity for sellers in Wales. With buyers in England wanting to move their lifestyle to the countryside, maybe now would be the time to put your home on the market and move to where you want to go.
If you are looking for advice on buying and selling during coronavirus then please take a look at last weeks blog:
If you are looking to find out a value on your home then feel free to use our instant valuation tool where you can find out your homes value in just under 53 seconds:
Take care,
The Alexanders Team.