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Huge sales increase greets re-opening of property market
| Author: Craig Bees | Published: 16th June 2020 10:28 |
Get moving: buyer demand strong as ever after market re-opens
Good to report that the property market has bounced back from a freeze over the coronavirus peak thanks to a build-up in demand and homeowners realising the shortcomings of their properties while cooped up during lockdown.
More homes were sold last week than this time last year and buyer demand is 54% stronger than it was before the market was frozen on March 27 2020.
Richard Donnell, director of research at Zoopla, the property portal, said that sales had risen by 137% since the market reopened on May 13 2020.
“The rebound in housing demand is not solely explained by a return of pent-up demand,” he said. “Covid 19 has brought a whole new group of would-be buyers into the housing market. 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.“
Regular readers of this column will not be too surprised to hear that new sales in London are lagging as buyers look at commuting and moving to the regions.
The data was backed by analysis from TwentyCi, a market statistics company, which reported that 24,341 homes were sold subject to contract last week, compared with 22,880 this time in 2019.
Asking prices are 6% above the level this time last year, according to Zoopla. In the week the market was frozen the average asking price was £245,000; in the week it opened last month it was £280,000, according to TwentyCi.
Deals agreed have been particularly strong at the top end of the market. Those priced at more than £1m have doubled in the past week to 664, compared with 494 a year ago. However, the largest number of sales last week — 8,956 properties sold subject to contract, compared with 7,744 this time last year — was for homes valued between £250,000 and £500,000.
Property Q&A: it’s the first week of our new feature which we hope you find useful – and not too surprisingly the first question concerns Covid 19.
Q: What Covid 19 procedures have you put in place for your clients?
A: For home visits, we are vetting everyone and have protocols in place in line with Government advice. Prior to any viewing, we will check on the health of both viewers and occupants. If anyone has isolated because of symptoms or is in the vulnerable category, we will not be able to conduct the viewing.
Where possible, initial viewings will be done virtually as all physical viewings are limited to members of the same household. During viewing we will avoid touching surfaces and bring our own hand sanitiser, wear masks and gloves, as will the viewers.
In preparation, we ask you to open all internal doors and vacate the property whilst the viewing is taking place. Ensure surfaces, such as door handles, are cleaned with disinfectant after each viewing.
If you have a question for us please e-mail it to craigbees@bartramandco.co.uk. I look forward to hearing from you.
Badby & Farthingstone CC news: like hundreds of others up and down the country, the club are still waiting for the official ECB go-ahead to start playing matches. Until then good use is being made of the new net facilities (with social distancing rules in place) at the ground.
Great to see some new faces up there too which will help boost the playing squad for the coming months.
Help to Buy Scheme: available on all Moat Lane development properties in Towcester with part exchange also considered. Contact us on (01327) 359164.
Monthly draw: still time to enter June’s draw and win a case of Italian wines (red/whites/mixed) or a one month’s membership at Whittlebury Hall Leisure Club.
How To Enter: every valuation and instruction for sale or rental between now and next Wednesday (June 24 2020) will be entered, the winners being notified by e-mail.
If you’re thinking of selling or letting your property and want to win one of these great prizes on offer call (01327) 359164 and speak to our sales or lettings team.
Until next time.
Craig Bees, MD Bartram & Co
E-mail me at craigbees@bartramandco.co.uk
Visit our website www.bartramandco.co.uk and follow us on Twitter@bartramandcotow
Tel: (01327) 359164
Fax: (01327) 359166
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