Interest in moving home remains solid amongst UK house hunters

Newly released data from propertypriceadvice.co.uk has revealed that despite summer transactions levels predicted to bounce around due to lockdown measures, the underlying level of transactions should remain stable.

Related topics:  Property
Property Reporter
6th July 2020
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According to the research, the North of England reports high levels of interest in moving home, whereas London appears to be the weakest region coming out of lockdown.

The site also predicted that summer house prices could be as much as 1.4% higher than a year ago.

However, the data also revealed that the market remains appreciably quieter than last year, with the underlying number of sales this summer expected to be 29% below the same months in 2019.

Peter Sherrard, propertypriceadvice.co.uk founder, comments: "Now, more than ever, we need timely insight into the confidence of Britain's homebuyers and sellers.

"The number of requests for valuations by home movers on propertypriceadvice.co.uk has, in normal times, proven to be an excellent indicator of the level of interest in the property market and predictor of prices and transactions.

"Of course, these aren't normal times. With the COVID pandemic and lockdown, the property market, like the whole world, is topsy-turvy, and nobody knows how things will pan out. Although our computer model has been an excellent predictor of prices and transactions in the past, it is unlikely to be as accurate in these unparalleled circumstances.

"But it is because of the colossal uncertainties in the market that we believe it is essential we make what we know about homeowners' and buyers' confidence and interest in moving available to everyone."

Mark Pragnell, economics advisor to propertypriceadvisor.co.uk, adds: "Interest in moving home had been on a steady downward slide since summer last year well before coronavirus had been reported in China. In the days before lockdown, requests for valuations had fallen to 70% below their four-year average.

"Lockdown has been a turning point. The numbers of online valuations have swung back quickly, and in the most recent weeks have returned to or are above the recent years' norm.

"Renewed interest during lockdown will be partly the result of people having more time at home with their computers and smartphones, and some will reflect more households in financial distress. But this recent rebound is in people saying they want to move – so the interest is more than casual.

"Although this is hard evidence of solid market interest, the covid pandemic could still derail it being translated into summer home sales. Getting the 'unlock' of the economy right will be crucial. All eyes will be on Rishi Sunak and his emergency budget to see if he can bolster families' confidence in their financial circumstances and get the country moving again."

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