Two months out of the property lockdown… how is our local market recovering?
Across the Amber Valley region we’ve seen a big release of pent-up buyer and seller interest since the property market reopened on May 13th. In the East Midlands we’ve seen demand increase by 87.8%* over the same period.
This spike in activity may ease in the coming months as we all begin to settle back into a more normal way of life, but market-leading researchers have said that the buoyancy in the market already experienced could continue for the rest of the year, dependent of course, on the ever-changing government guidance. The latest evidence from property website Zoopla shows the number of sales agreed is running at around 4 per cent higher than before the Covid crisis. It has also been our own experience here at RF&O that sellers and buyers are very optimistic of a successful sale during the current climate.
Of course a boost in activity was always to be expected after almost three months of enforced closure, which had left many buyers and sellers stuck in limbo, however the intensity with which the market reopened and the zealous attitude of buyers has come as a surprise even to property professionals. It therefore looks as though this is the time to put your property on the market in order to take full advantage of the current optimism and enthusiasm that‘s out there in the marketplace.
Please see our related articles on how to sell and how to buy property during a pandemic. If you need further information please don’t hesitate to contact a member of our professional team.
* Data acquired from Zoopla UK House Price Index report