Market Comment

Added on 21 June 2020

The property market has been severely affected during the last three months with restrictions on moving home in place. This was necessary to protect everyone and to try and keep the pandemic under control.

During this time we have managed to keep open 7 days a week and have continued to answer calls and help our clients. Our staff have been working safely from their home during this time.  

While some businesses, for example a coffee shop or a car dealership, will eventually start to trade again from where they left off, the property market is one type of business where the latent demand has accumulated during lockdown like a catapult being stretched. It is now at the point of being released and we are expecting intense activity from Monday 29th June onwards.  

In fact, recent research revealed that some 15% of home movers have been prompted to do so as a result of a change of plan due to the pandemic. During lockdown some people found that working from home suits them quite well, but they would prefer not to use their bedroom or broom cupboard as an office. And if they are no longer expecting to commute to work, why are they paying a premium to live in a property near the station, especially if the broadband quality could be better elsewhere. Perhaps time spent during May’s warm and sunny weather has sparked an interest in gardening too? Lots of factors over the last 3 months have affected peoples thinking.

Unlike other scenarios that might adversely affect the property market, we have a good balance of supply and demand, interest rates are incredibly low and banks are keen to lend. So although sales might be down perhaps by 20% this year, the consensus is that the rebound is likely to be strong.

The dynamics of the market may be changing, but we as estate agents are ready for the challenge. Whilst we are of course highly respectful of the guidelines for safe property viewings, our focus remains on offering sincere, straight-talking and sound property-related advice to our customers. The pandemic might have changed society, but, as we emerge from our confinement, our vision remains the same - we help people move, whatever the circumstances.

If you feel moved to move, why not call us on 03330 430090 for an initial chat? We would be delighted to help you.

Peter Ryder

Managing Director

Thorntons Property

 

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