13 September 2020

RETFORD PROPERTY MARKET – 100 days after opening from lockdown. Look at what’s going on.

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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