- Property sales prices are now 6% higher than they were before lockdown started.
- Demand for housing is 54% higher than at the start of March and transaction levels have bounced back.
- With high LTV mortgages being reintroduced, people stuck inside during lockdown are taking the opportunity to move home.
The most recent data from property professionals is showing real positivity for England’s housing market. Reports show that sales and enquiries are almost back at pre-lockdown levels, with property prices performing even better than before the pandemic. As one of the leading property investment companies, read our overview.
Good news all-round
There were concerns that the country’s property market would find it hard to recover from months of lockdown. But those fears have proven to be unfounded, with Rightmove reporting record traffic on its website.
As we’ve already reported, property sales prices are now 6% higher than they were before lockdown started. But this isn’t the only positive news coming from experts and property investment companies.
The Zoopla Research team has been tracking trends up until 7th June and have found that the property market is performing extremely well across the board.
Demand for housing is 54% higher than at the start of March and transaction levels have bounced back. The volume of new sales agreed are just 12% lower than early March and are 137% higher since the market reopened.
Regional markets are performing especially well, although London is lagging behind. Zoopla have also found that the higher the price band, the greater the increase in sales volumes. Sales of properties priced at £1million are 16% higher than before lockdown.
Brand new buyers
Although much of this great performance has come from pent-up demand, the coronavirus pandemic has also persuaded many people to enter the housing market.
Richard Donnell, Zoopla’s Director of Research & Insight, said: “The rebound in housing demand over the last month is not solely explained by a return of pent-up demand. COVID has brought a whole new group of would-be buyers into the housing market.”
With high LTV mortgages being reintroduced, people stuck inside during lockdown are taking the opportunity to move home. Top of the list of requirements are outdoor space, somewhere to work from home, and nearby transport hubs.
As well as homeowners, there have been a number of first-time property investors entering the market.
The recent shock economic drop has led to some financial investors to question the reliability of their shares.
The housing market hasn’t been impacted by the economic crisis like share prices have. Property investment companies are now seeing more people turn away from financial investments and towards property.
The coronavirus pandemic has proven the resilience of the UK’s housing market once again, and more people are recognising that property is the best choice for their investment.
Get in touch
Take advantage of the booming rental demand and find out how to make a Leeds property investment or where to buy an investment property elsewhere in the UK. Book a free consultation with North Property Group today to learn more.
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