Optimistic sellers increase asking prices post-market freeze

June 17, 2020

Optimistic sellers push up asking prices after the property freeze

Optimistic sellers push up asking prices after the property freeze

New figures from Rightmove show that optimistic home sellers are bumping up asking prices despite the coronavirus crash that has hit the economy

The data came as upmarket estate agent Knight Frank said it had its best-ever week outside London, with buyers flooding back to pricey country properties after the lockdown property freeze.

Offers accepted outside of London were the highest on record and more than 50 per cent above the five-year average, according to agent Knight Frank.

Sellers putting their homes on the market are pricing higher than they were in March, Rightmove said, with the average asking price for newly-listed properties in early June 1.9 per cent – or £6,266 – higher than in March at £337,884.

Activity in the housing market is bouncing back after viewings were put on hold for eight weeks. A total of 40,000 sales have been agreed since the market reopened a month ago, this was down 36 per cent on the same period last year.

The website said it had recorded its busiest ever ten days in May and June, which it said reflected two months of pent-up demand.

Damian Gray, head of Knight Frank‘s Oxford office, said: “Enquiry activity has been extraordinary. I’ve never been contacted by so many people to live outside London.”

Andy Shepherd, chief executive of Dexters, said: “We’re tremendously busy.”

Rightmove director Miles Shipside said “there are no signs of panic selling or even a price dip.”

News

Back to top