Property Market Update

Added on 27 April 2020

As you would expect activity levels across the local housing market have fallen dramatically over the last few weeks due to the impact of Covid 19.

Like all Estate Agents and Property Letting firms we are limited to what we can do due to the restrictions as we cannot carry out property valuations or viewings as this is not seen as an essential service.

We can however, on occasions and depending on the client, carry out virtual viewings. This obviously is not as good as visiting the property however it can give you an indication of whether you would like to visit the property when restrictions are lifted.  

It is similar for valuations. Although we cannot visit your property using, our extensive local knowledge and access to comprehensive data, we can give you a good indication of what your property is worth. Again once these restrictions are lifted we can arrange to visit the property to ensure the valuation is accurate and take account of any unusual aspects of the property.

It is difficult to predict how the property market will respond once the government decides to start lifting restrictions. Certainly at the beginning I would expect a flurry of activity. To date we have already over 280 viewing requests that we will organise as soon as it is safe to do so.

We also have a large number of valuation requests. Again we will carry these out when it is safe to do so. If you are thinking of selling, I would recommend you contact us as soon as possible in order that we can pre book your appointment.  

Before the recent pandemic the property market was performing extremely well with lots of good activity in the market. Nationwide reported the strongest set of February figures since 2014 and from Thorntons point of view the number of buyers out there had increased substantially leading to closing dates on most properties.

It is unlikely that the market will return to these levels straight away. This is perfectly understandable as clients will want a period of reflection and to be sure of job security before making the decision to move home. However the property market has proved to be very resilient over the years as a lot of people simply have to sell or buy no matter what is happening. These may be first time buyers wanting to own their first home, people wanting to buy a larger property as they are starting a family, selling a property as the home is now too big, moving jobs and having to relocate, inheriting a property, divorce or simply to be nearer to family.

There are lots of reasons for moving home and this is why the market keeps going no matter what is happening economically. If you are considering selling or renting, it is vital that you get the right advice and you deal with a firm that really knows the property market in your area and has an extensive range of potential buyers on their mailing lists. If you would like to discuss your next move with someone please call us on 03330 430090. Our phone lines are still open and we would be delighted to hear from you and advise you on how to be ready to move when market activity recommences.

Peter Ryder

Managing Director

Thorntons Property

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