Rightmove Data Shows English Market Rebounding

Rightmove has today released data showing that the housing market in England appears to be bouncing back from the turmoil suffered at the height of the pandemic during March and April. Among the figures released by the British market-leader were:

• 40,000 sales agreed since the English market reopened on the 13th of May. This is just 3% down on a year ago and follows a 94% drop off at the height of the pandemic. The Scottish, Welsh and Northern Irish markets are still on hold.

• Buyers are paying 97.7% of asking prices on average.

• A record number of owners are asking for valuations as an estimated 170,000 ‘missing sellers’ come back onto the market.

• Rightmove had its 10 busiest days ever in May and June of this year with the 6th of June seeing 955,000 hours collectively spent by Rightmove users looking for a property.

Despite Covid-19 continuing to ravage the UK population and some incredible economic hardships for many, the housing market seems to be very resilient. According to Rightmove spokesperson, Miles Shipside though the latest figures may help those who are looking to get on the property ladder for the first time:

“Lenders may also have been concerned about price instability affecting the risk profile of their low-deposit mortgages, so hopefully this will give them more confidence to increase their range of first-time-buyer products.”

As property portals around the world see increased traffic as people reevaluate their housing needs, it could be that the global housing market is the motor to drive economies out of the shadow of recession.