How is the housing market at the moment?

News at Property Ladder Devon | 18/05/2020

Spring is traditionally the busiest time of the year for estate agents, with most conducting up to half of their annual business within the months of March to July.  This has been curtailed by the Covid-19 outbreak, but there now seems to be a pent-up demand following the absence of estate agents now returning to work.  

The most common questions we are being asked at the moment are; "Is it busy?" and "what will happen to house prices?".

We're seeing clear signs of momentum in the market, with many wanting away from their lockdown home, realising that they should move to much improve their lifestyle and surroundings.

Also, many have seen the lockdown period as the perfect opportunity to renovate and finish off their ongoing home projects, now with a big question mark in their minds... "how much is my home worth now?".

With the base rate and mortgage rates being so low, this is also seen by our main 'market driver', the first time buyer, as a good opportunity to buy a house on a fixed rate deal.

The previous but unpursued initiative of 'Virtual Viewings & Valuations" has also had a new positive impact on creating momentum.  Potential sellers can now find out how much their house is worth and view their next potential home with the ease of technology and not having to leave the house.  Buyers and sellers have indicated to us however that they still feel it is best to view the property to guage it's feel.  This could however, be a useful tool for the future we believe, especially for distant potential buyers.  We now have measures in place to protect customers and staff whilst still conducting viewings and valuations.

So the answer to the questions at present is that it's been a busy return to duties for us at Property Ladder over the last week.  We have seen a pent-up demand in the industry.  Valuations, viewings and rentals have increased with many customers wanting to press on.

If you are thinking about a move and want some advice, we would love to chat to you and offer our wealth of experience to help you make a decision.