UK #2 portal Zoopla has released new data around home sales which makes for great viewing if you’re an agent in England. One month on from the reopening of the housing market and property sales are surging outside of London as Scottish and Welsh markets remain frozen.
Zoopla’s report at a glance:
Demand is up 54% from the start of the lockdown in early March
New sales agreed are only 12% away from levels seen in early March
Since the market reopened the number of sales agreed has risen 137%
Higher priced properties are selling well with 16% more sales of those over £1 million
Particularly noteworthy is the fact that the London market which has traditionally been the motor of the UK housing market is lagging behind the rest of England in terms of demand and sales agreed as well as the apparent trend for more expensive housing as people look for more space.
Commenting on the report, Zoopla’s Director of Research & Insight, Richard Donnell said:
“The rebound in housing demand over the last month is not solely explained by a return of pent-up demand.COVID has brought a whole new group of would-be buyers into the housing market.”
Despite a rosy outlook in the short term, Donnell urged caution in the long term:
“We still believe that this spike in demand will be short-lived as the economic impacts of COVID start to feed through into market sentiment”