The property market was all but frozen for seven weeks to observe social distancing measures whilst in lockdown. During this period, there was a 90% drop in properties coming to market, with an estimated 82 billion pounds of property transactions on hold throughout the UK. HMRC figures reveal only 38,060 residential property sales in April, which is half the seasonal norm, and slightly lower than the all-time low, previously recorded in January 2009, at the height of the financial crisis.
Following the government announcement to allow viewings with stringent social distancing measures in place, momentum is now gathering, and there are finally signs that the property market of Spring 2020 is underway.
Consumer confidence and unemployment will of course be a key consideration for prospective buyers; however, early indications show that initial demand from pent up home movers is high. Rightmove reports 5.2 million online visits, on Wednesday 13th May 2020, with buoyant viewing levels recorded, up by 4% measured against viewing levels on the same day in 2019.
Estate agents have quite rightly taken a cautious approach to instant trading, most agents have taken time to ensure that their offices are adapted, with safety procedures and protective screens in place.
The new guidelines encourage online viewings where possible, with physical property valuations and viewings conducted by agents, who observe the 2-meter distancing procedure, equipped with wearing PPE face masks and gloves as standard, all doors open, to negate the need for touching surfaces.
Working from home has changed the dynamic of search enquiries, agents report a shift in online enquiries, with demand from city dwellers opting to move to the countryside and more rural areas. There has been a significant increase in search requests with priority to include a garden and office or study facilities, as top of the wish list.
This is very encouraging news for the property industry, and whilst it has been a period of adaption and change for most agents, it has very much business as usual for Property Ladder Group. Our infrastructure has enabled us to carry out a seamless work from home strategy. We are fortunate to have adopted a work from home contingency from the outset of trading and are in a strong position to provide the exact solution required. As we return to a physical office and navigate towards the new normal, the safety of our staff and clients are paramount.
Property Ladder Group offer a dynamic approach to managing property sales, for probate, court of protection, part exchange and assisted move schemes for house builders. Our vision remains unchanged, to provide an honest and accurate property valuation appraisal service, to market and secure the best possible price and progress sales within an optimal time frame. Give us a call today on 0330 124 7434.