Rightmove have reported that house prices in the UK have increased since lockdown restrictions on the UK’s property market eased. This may be a good time to invest in property.
Better than before lockdown
The market almost ground to a halt during the UK’s nationwide lockdown as people were unable to view properties. The proportion of transactions halved during the lockdown period, leading to fears of a property market crash.
But these concerns have proven to be unfounded. Asking prices have bounced back and in June were 1.9% higher compared to before lockdown in March. This equates to a growth of £6,266.
The average property transaction value now stands at £337,884, with buyers agreeing to pay around 98% of the asking price.
This exceptional performance proves that now is a great time to invest in property.
Pent-up demand may be encouraging buyers to exchange more quickly following the lockdown freeze. There are also now far fewer sellers compared to the same time last year. Both of these factors have resulted in increased demand that has pushed up property selling prices
Director of Rightmove, Miles Shipside, said, “There are no signs of panic selling or even a price dip.”
There is also an increased demand from renters keen to move home after lockdown. An investment in a buy-to-let property is a great way to take advantage of this healthy rental market.
Changing buyer requirements
Areas outside of London have proved the most resilient to the impacts of lockdown. Knight Frank has reported its best ever week for properties outside of London. Locations away from the capital are increasing in attractiveness following a growing desire for green space and bigger housing.
As we’ve previously reported, as more people stay at home for sustained periods of time, their living requirements have changed. People are now more likely to look for homes in the countryside with good transport links to city centres. An increase in home working has meant space to work is also now on many buyers’ wish lists.
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Unprecedented bounce back
Rightmove has also reported its ten busiest days for website traffic ever. In May and June there were more visitors to the property website than ever before, which it said reflects the pent-up demand in the market.
Rivals Zoopla have also recorded high levels of sales. The property website describes the bounce-back in the market as “unprecedented”.
Managing Director of North Property Group, Oli Banks, said, “The reports from Rightmove and Zoopla echo what we’ve been seeing at North Property Group. We are now just as busy – if not more so – than before lockdown. Our clients have been a mix of both owner-occupiers and property investors keen to complete their transactions.”
With all this positive news there is no better time to invest in property or buy a new home. To take your first step in your property purchase, contact the experts at North Property Group today.