UK Housing Demand Soars Since End Of Covid Lockdown

 

According to the Guardian Newspaper the demand for houses has soared since the lockdown ended, according to a report from Zoopla, with three- and four-bedroom houses with space to work from home particularly popular.

Properties are selling far faster than before the pandemic struck, the report said, as buyers flooded back to the market. The amount of time a home is put up for sale before it finds a buyer has fallen to just 27 days since restrictions were eased, compared to 39 days over the same period in 2019.

Big homes in the countryside are shifting fastest, while urban flats typically aimed at first-time buyers are now the slowest market segment.

“Four- and five-bed houses are selling 33% faster than in 2019, as buyers prioritise more space and widen their search criteria – migrating away from the more expensive cities, suburbs and commuter belts while enabling their budgets to stretch further. Meanwhile, flats are taking the longest time to sell,” the property website said.

It said that sales of houses listed on its platform are 76% higher than the five year average, driven by pent-up demand since the lockdown plus the temporary cut in stamp duty on properties up to £500,000 announced by Rishi Sunak as the centrepiece of his summer financial statement in July.

Prospective buyers are also finding little to choose from, with the stock of houses on sale at estate agents down 3% from last year’s levels.

Credit: The Guardian, August 2020

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