The latest housing market report from Rightmove has revealed that, for the second month running, there were too few properties coming to market to accurately measure movement in new asking prices despite pent-up home-mover momentum.
Newly released data from the portal showed that home-mover visits to the site hit pre-lockdown daily levels, and were up 4% on the same Wednesday in May 2019. Visits to Rightmove jumped by 45% following the governments reopening of the housing market.
Rightmove has commented they are seeing clear signs of returning market momentum, with the existing desire to move now being supplemented by some people’s unhappiness with their lockdown home and surroundings. They say that whilst some may be unable or unwilling to move now, those who are ready to take the plunge were jumping immediately into action.
With no new seller asking price data they consider it is too early to comment on price movements, though high demand is needed to support a stable market. If there are attractive lower deposit mortgages available it would help sustain the recovery inactivity. The industry has been caught by surprise, as we were all expecting the housing market to stay closed until at least June.
They state that they have already seen some early signs of people enquiring more about out-of-city areas, so it will be interesting to see if this leads to a change in where people choose to buy now the market has been unlocked.
A two-bedroom flat in central London with no garden at £600,000 or, a high quality detached family home in rural Lincolnshire with a better quality of life at £600,000. Post lockdown, which one would you buy?
The Robert Bell & Company Team
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