Post-Lockdown HomeMover Survey

It's always good to get the opinion and feedback of others when you need to make up your own mind. If you're looking for insight about the re-opening of the housing market, we are here for you.

There shouldn’t be too much surprise at the level of activity in the English housing market after it re-opened. It is believed around 370,000 property deals were placed on hold when the market was initially paused. It stands to reason the vast majority of people involved with these moves were keen to conclude their deal as soon as possible.

It should also be remembered that property moves often occur due to a change in circumstances. There is a strong chance during the lockdown some people would have experienced a change in circumstances which necessitated a house move. You would therefore assume these people would have been amongst the first to contact estate agents when the market re-opened.

With the initial rush having passed, it is a good time to evaluate what buyers and vendors feel about the housing market. A survey amongst vendors and buyers who were planning on moving before the market was paused indicates there is still confidence in the market, and a determination to move amongst many people.

Many vendors want to finish their move

Of the vendors who intended on selling their home before the lockdown commenced, a sizable number are keen to follow through with this aim. 52% of this group say they intend to sell their home as soon as it is possible to do so. A further 27% say they intend to sell their property in the next few months.

16% of these vendors admit their sales plans are on hold until next year, and just 5% have admitted their property sale plans have been cancelled for now.

Buyers still have property plans

Of the prospective buyers who were looking for property before lockdown, only 6% have cancelled their plans. This is a smaller figure than many people would have suggested. Dealing with the COVID-19 pandemic has been challenging, and many people have had to review their finances carefully.

It is comforting to know many people still believe their finances are in a strong enough place that moving home is a suitable idea. If people feel confident about their finances, the low interest rates provide an opportunity to arrange an affordable mortgage, which might be crucial in helping people take the next step.

Will COVID-19 change buyer needs?

It cannot be a surprise to learn many buyers have been influenced by recent events. It looks as though the impact of the pandemic has slightly influenced buyer demands when looking for a new home.

Garden space has always been a critical factor for buyers, but some of the other features are indicative of what people think they’ll need from a home moving forward. A home office space, reliable and fast broadband and a more rural setting were all cited by many would-be buyers, which suggests COID-19 will impact the housing market for many years to come.

We know these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.