Post-Lockdown ‘mini-boom’ in the property market

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Post-Lockdown ‘mini-boom’ in the property market Posted On 22 July 2020

House prices have surged in a ‘mini-boom’ as the Stamp Duty Holiday fuels demand

The housing market is experiencing a ‘mini-boom’ as buyers are rushing to find homes with new requirements such as outdoor space and home offices and sellers are looking to take advantage of the stamp duty holiday.

Rightmove has reported an increased in average asking prices and the numbers of offers accepted this month. The average UK home now has a price of just over £320k, an increase of 2.4 per cent on March, and annual growth of 3.7 per cent.

Even better news, for July so far, buyer enquiries are up 75 per cent on the same period last year. Another promising stat is that 44 per cent of homes listed since May are now under offer – up 34 per cent from last year.

Miles Shipside, Rightmove Director said, “The spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown,” he says. “These figures are the earliest indicator of house price trends. They show prices gently rising not falling, and this will be reflected in the coming months.”

Working from home and having a suitable space is also helping. With people realising they don’t need to be so close to their workplace, they can look in different areas which open up more options for them and could be the difference between renting and buying.

Overall, all of this combined points to a strong summer property market with an increase year-on-year in both listings and sales.