Signs of a recovery in the property market are appearing as property marketing website Rightmove last week recorded its busiest ever day as its deals with pent up demand for homes following the ‘reopening’ of the housing market in England on 13 May 2020.
The firm said it saw six million visits to its website last Wednesday, 18% above the figure it recorded on the same day last year, while it found evidence that a significant number of those looking to buy had made the decision to move during lockdown.
The government effectively shut the housing market in March when it announced lockdown measures to tackle the coronavirus pandemic, before reopening it in England on 13 May. At the height of the lockdown transactions were 90% down on the same time last year.
There has been a lot of speculation since the shutdown about how the property market would bounce back. While the Rightmove statistics are a good sign that the housing market should hopefully bounce back, sales are still significantly down on last year.
The Law Society has issued some guidance on ‘Safe Home Moving’, which is aimed at consumers and intended to help sellers, buyers and renters understand what they need to do if they are moving home.
View Guidance: consumer-coronavirus-guidance-on-safe-home-moving-may-2020
The Regulations to assist with re-opening of the home moving market safely have only been made in relation to England at the moment. The regulations relating to Wales have not yet been amended to start to re-open the market there.
There are still many challenges facing the housing market. However, it seems like things are looking up. Watch this space.
For advice on buying or selling property, please contact Jason at firstname.lastname@example.org.