The property market has picked up since lockdown restrictions were lifted, new research has revealed.
Estate agent Knight Frank has reported that offers are being accepted at record rates as traction returns and downwards pressure on prices eases in the first month since market lockdown measures were lifted on 13 May.
The number of offers accepted outside the capital in the week to 6 June was the highest on record, and up 52 per cent compared to the five-year average, as vendors agreed deals against a backdrop of narrowing price discounts and pent-up demand. In London, the figure was 34 per cent above the five-year average.
And the number of new prospective buyers continues to rise. For markets outside London in the week ending 6 June, the figure was the highest it has been since May 2018 while in the capital, the number was 54 per cent ahead of the five-year average.
“Enquiry activity has been extraordinary,” said Damian Gray, head of Knight Frank’s Oxford office.
“I’ve never been contacted by so many people that want to live outside London.
“Vendors are generally listening to advice and a lot of the property being brought to market now is being priced more realistically. Buyers meanwhile are happy to pay the right amount and go for it.”
This uptick of activity was echoed by peer-to-peer property platforms.
“We’re probably seeing pent-up demand come to the market, quite a lot of people seeing now as an interesting time to buy and others viewing it as an interesting time to trade up the property ladder,” said Mike Bristow, chief executive of CrowdProperty.
Atuksha Poonwassie, co-founder and managing director of Simple Crowdfunding, has seen a rise in enquiries since the restrictions were lifted.
“We have absolutely seen an uplift in business, but that could be things that were delayed,” she said.
“We had deals in the pipeline at the beginning of March and everything stopped at the end of March and those are kicking off again.
“Activity has returned to the market and I’m looking forward to seeing over the coming months the true reflection of what’s happening.”