What has been happening in the Property Market Since reopening?
The property market is forever changing; we want to keep you up to date with what’s going on when it happens. In this recent market update Mark Manning, Managing Director of Manning Stainton the trends we have seen in the Property Market since it reopened on May 13th 2020. Sharing thoughts on everything from price to demand, Mark answers some all-important questions from our customers.
Welcome to my monthly market update –
Again another quick update to try and give you some thoughts on what is happening in the market since our return back to work on the 13th May.
Questions we are being asked at present that need some answers –
- How is the market?
- Are buyers and tenants still there?
- Are people looking to sell and let?
- What’s happening to prices?
Ok so let me try and answer these questions as quickly as I can!
How is the market?
The surge we anticipated on return from lockdown is happening and has been for the last few weeks. This can be hard to manage particularly in the new world where the safety and wellbeing of our team and customers is of course a priority but its encouraging to see.
Are the buyers and tenants still there?
Since the 13th May we registered 1735 new buyers across Manning Stainton which is a 35% increase on the same period a year ago. The number of viewings carried out again in that period is 6% higher and we expect this number to increase based on our future appointments booked in the coming weeks. So, for now, the answer to that question is a resounding yes.
Are people still looking to sell and or let?
Since the 13th May, we have booked to visit over 800 people considering the sale and or let of their property. This reflects a smaller increase of 5% against last year but an increase nonetheless which again is encouraging to see.
Finally, whats happening to prices?
Ok as always the big one and my answer – right now – very little.
Fact is demand across most of the market remains strong and supply remains relatively weak. The key moment perhaps may arrive at the end of the Governments furlough scheme and the resulting unemployment that may be caused from this but equally, I do think its important to bear in mind this isn’t like 2007…. There is no house price bubble, as I keep saying mortgage lenders are still out there and lending in a competitive manner. So whatever happens and there may be some dips in certain markets for certain property I cannot see a significant change in prices over the next 6 months