Record demand in England’s housing market as 40,000 new sales agreed

June 19, 2020

Record demand in England's housing market as 40,000 new sales agreed

Record demand in England’s housing market as 40,000 new sales agreed

Property sales in England’s housing market are almost back to normal following the reopening of estate agents last month.

New figures from Rightmove reveal record levels of interest as well as higher asking prices compared to pre-lockdown.

Anxiety surrounding a potential property market crash due to the coronavirus pandemic has plagued homeowners for months. However, new figures suggest that the housing market is already bouncing back.

As expected, there was a 94 per cent drop in sales during the stagnant period that saw estate agents and viewings put on hold. But since May 13 when the market was allowed to reopen, the market has boomed.

During the last month, the housing market’s impressive recovery has encouraged thousands of sales to go through as the nation begins to get back on the move. 

According to Rightmove, buyers are currently even more likely to pay close to asking price.

The average asking price of properties being listed for sale is up by an average of 1.9 per cent compared to March, pre-lockdown.

But while some experts predicted a huge crash in house prices, it seems buyers are snapping up their new home without expecting to negotiate a better deal.

On average, buyers are agreeing to pay 97.7 per cent of asking prices – putting anyone looking to sell in a strong position.

The figure is an improvement on February sales, when on average buyers were paying 96.6 per cent of an asking price, negotiating a slightly lower price.

Sharing the latest data, Rightmove revealed that 40,000 new sales have already been agreed since the market resumed last month.

As well as seeing a spike in demand and sales, the company has noted that agreed house prices are largely working in the seller’s favour, which will come as good news for those hoping to put their home on the market.

The news is a promising update for those looking to sell their home in England, but restrictions still remain in place for Wales and Scotland.

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