Properties selling at rapid rate since lockdown
By Rob Freeman | 27th August 2020
Properties are selling quicker as the market deals with pent-up demand following the coronavirus lockdown, according to new research.
Property website Zoopla said three-bedroom homes have been selling in 24 days over the last three months - 12 days quicker than the same time last year.
Even the slowest selling properties - one-bedroom flats - are quicker than normal at 34 days.
Since the market reopened in phases across the UK since the start of June, Zoopla said agreed sales were 76 per cent higher than the five-year average.
Zoopla said: "Buyer appetite has been widely attributed to pent-up demand resulting from lockdown, but it also reflects the impact on the nation as it collectively reassesses what it wants and needs from a home.
"Quarantine has galvanised many homeowners and renters into reconsidering their housing requirements, resulting in demand for more space and changing work and commuting patterns."
Rival website Rightmove last week said July was the biggest month of sales in a decade with £37billion, helped by Chancellor Rishi Sunak's cut in Stamp Duty.
James Birt, managing director of Gloucestershire-based estate agents Naylor Powell, said: "We have seen a significant increase in activity and sales agreed across our four Gloucestershire offices.
"We are being invited to value almost a third more properties than we were this time last year.
"Sales being agreed for June and July is approximately 20 per cent higher than the same period last year."
Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.