The government allowed the
housing market to reopen on Wednesday 13th May 2020. Since then and
much to the surprise of estate agents the market has been buzzing.
Let's look at what has happened since then and how the Retford property has changed.
Housing market activity is
at its strongest since 2015, driven by pent-up demand and a once-in-a-lifetime
re-evaluation of what buyers want from a home in the wake of lockdown,
according to the latest Zoopla House Price Index.
Housing market rebound continues
The post-lockdown housing
market rebound shows few signs of slowing despite the UK going into recession,
with the number of new sales agreed in August running 76% ahead of the
five-year average.
Buyer appetite since the
start of 2020 is now 34% higher than the same eight months in 2019 and, despite
the summer holidays, it remains unseasonably strong.
More homes are coming onto
the market too, with the flow of new supply over the last month 50% up on
this time last year.
While the supply of new
homes for sale remains below last year's volumes, the gap is closing steadily.
Faster sales in Retford area
The bounce in activity has
meant that homes are selling at a faster rate here in the Retford area than
before the pandemic.
Since lockdown restrictions
were lifted, the average (median) number of days to sell a home has been just 45
days. See my blog coming soon about ‘How
long does it take to sell in Retford?’
It bodes well for buyers who
are looking to take advantage of the stamp duty holiday, which will
run until 31 March 2021.
Buyer sweet spots
Lockdown has not only
impacted the time it takes to sell a home, it has influenced the types of homes
that are selling too. Houses are changing hands faster than flats as buyers
prioritise more space.
Three-bedroom houses (where
the supply-demand imbalance is most pronounced) remain the hottest, taking an
average of just 38 days to sell since lockdown lifted. And flats are taking the
longest time to sell, at an average of 70 days.
Meanwhile, four and
five-bedroom houses are selling 33% faster than in 2019, as buyers move away
from more expensive urban areas in favour of locations where their budgets will
stretch further. In fact, four-bedroom houses are now selling faster than the
average flat.
More homes for sale from wealthier sellers
There’s been an uptick in
wealthier homeowners looking to move, which is driving up asking prices.
This is thought to be the
result of a reignition of activity in London and south east England,
with improved affordability and recent stamp duty changes contributing to more
homes being put up for sale. Many people from the south are looking at the
bargains they can see ‘up north’.
Thanks for reading.
Coming next…….How Long Does
it take to sell a property in Retford?
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