How is the Property Market Reacting to Re-opening ?
Internet Activity Indicates Demand to Support Price Stability.
First day traffic up on last year, indicating demand to support price stability
- With the reopening of the housing market in England, first day activity on Rightmove shows a release of pent-up home-mover momentum:
- Home-mover visits to Rightmove back to pre-lockdown levels on Wednesday 13th May with almost 5.2 million visits, up 4% on the same day a year ago
- Sales demand (unique enquiries) doubled from Tuesday to Wednesday, and was only 10% behind the same day in 2019
- Rental demand also surges with highest unique enquiries in one day since September 2019.
The pandemic and the universal experience of lockdown mean that your home has never been more important, and this is causing many people to re-appraise their housing needs. This is likely to be one of the factors behind the immediate release of pent-up demand on reopening, with home-mover visits to Rightmove hitting pre-lockdown daily levels, and up 4% on the same Wednesday in 2019. However, the shock re-opening of the housing market understandably came with stringent government Covid-19 safety guidelines so that the home-moving process can be a safe one. The industry has adapted to comply with both these guidelines and changing home-mover housing requirements.
Miles Shipside, Rightmove director and housing market analyst comments: “The traditionally busy spring market was curtailed by lockdown, but we’re now seeing clear signs of returning momentum, with the existing desire to move now being supplemented by some people’s unhappiness with their lockdown home and surroundings. Some may be unable or unwilling to move now, but those who are ready to take the plunge have jumped immediately into action. Unique enquiries on property for sale doubled from the day before, though we expect consistent momentum to rebuild over several months rather than weeks.