Property asking prices increase after lockdown

As the result of the easing of the Covid-19 lockdown property prices have risen. 

 

Whilst their were initial anxieties as to whether property values may fall the numbers show a positive increase as optimism seems to be returning to the newly opened market. 

 

The property website Rightmove has reported that property prices reflected a 1.9% increase in May after restrictions affecting the property market were lifted.    

 

Additionally the data showed that prices were "holding up" since the lockdown with buyers paying an average of 97.7pc of the asking price. This number is higher than the 96.6pc recorded in February according to data released by the Land Registry.

 

By comparison the mortgage lenders the Halifax and the Nationwide, which calculate their data courtesy of mortgage offers, repprted falls of 0.5 percent and 1.7 percent retrespectively.

 

In general the data suggests that buyers are asking for discounts from the asking prices of between 5 and 10%.

 

A Rightmove spokesperson said, "There are no signs of panic selling or even a price dip. Some sellers who had agreed a sale before lockdown have been worrying that their buyer may try to renegotiate with a reduced offer. On this evidence buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards."

 

The property website has recorded a surge of activity on the site. It also suggested that closing the market affected 175,000 sellers who could not put their homes up for sale during the darker days of the lockdown.

 

A representative of the estate agency chain Savills, said, "The pace at which buyers have returned to the market has been surprising."

 

Transaction levels are thought to down by only 3% on this time last year. 

 

PM Law 

Sheffield Solicitors

0114 249 6926