It’s not been a particularly easy time to be a home buyer or seller recently, with the markets having been shut down amidst the pandemic turmoil. Similarly it’s also been tough for estate agents, who have been unsure when they would be able to get back up and running again whilst the government did its best to stop the spread of the virus.
It’s not been a particularly easy time to be a home buyer or seller recently, with the markets having been shut down amidst the pandemic turmoil. Similarly it’s also been tough for estate agents, who have been unsure when they would be able to get back up and running again whilst the government did its best to stop the spread of the virus.
For those who were in the middle of transactions it’s been a time of anxiety and uncertainty, and many had to seek legal advice to ensure that purchases and sales still went ahead having signed contracts of exchange.
This led many to worry that it may spook the market and equally lead to a slump in activity in the months following the lifting of lockdown measures, but that seems to not have been the case according to new research.
Summer is a time where many agents see a lull in activity following the usual early year rush, but with rising temperatures has also come a sharp rise in demand too, as consumers look to get back into the market as quickly as possible.
Polling
A new poll by UK homebuilder Miller Homes has revealed some interesting results about those now active in the market following the re-opening of activities.
As reported in the Daily Express, the data revealed that “more than two thirds of buyers are itching to get moving and still hope to do so in 2020, despite the uncertainty”.
The data also found that “69 percent were still determined to make the move to a new home by the end of the year”.
It shows an extraordinary vote of confidence in the market, and is one of the most reliable pieces of research so far to suggest that pent up demand in housing isn’t just a flash in the pan, but an indicator that this is likely to last throughout the year.
Many have put forward theories about this surge in demand, but the most likely explanation is that people expect to be spending significantly more time in their homes over the coming year and as such this has accelerated already existing plans to move.
The issue arises from the fact that supply simply can’t keep pace and as such is driving up prices in both sales and rents.
Landlords and agents have also reported similar surges in demand and considering we’re now some weeks into a relative normality, the likelihood that the surge in rental demand is temporary is becoming less and less likely as time goes on.
There have already been reports that priorities of renters and home buyers are quickly changing, with gardens for example, now becoming a number one priority over things like proximity to transport links or good schools.
This suggests that it’s going to be quite a big year for agents, homeowners and tenants alike but also beyond that, it seems to signal a big change in the way people view their properties and how they ultimately spend their time at home.
