Is now a good time to buy and sell?


Millions of you have started home-hunting again since the government eased certain lockdown restrictions in England.


Rightmove saw their busiest ever day on Wednesday 27 May, surpassing six million visits for the first time, which is up 18% on the same Wednesday in May last year.


But what does all this activity mean for you and your own move? Here, we break down some of the key stats and trends to help you understand if now is a good time to buy and sell.


What are the headline figures?

The first thing to note is that the reopening of the market has released lots of pent-up demand, meaning that many people are now pressing ahead with their plans to move.


Specifically, we have seen that:

Huge numbers of you are phoning and emailing estate agents. On our busiest day ever, 27 May, we saw an 18% rise in this activity compared with the same day last year


The busiest day for time spent on rightmoves website was Saturday 23 May, with over 47 million minutes spent collectively


Over a quarter of people (28%) who were not planning a move before lockdown are now entering the market


The number of sales being agreed by agents is slowly starting to pick up, but will take time. This figure is 47% down on last year, an improvement on the 90% down when the market paused


Coastal areas of Cornwall, Devon and Bournemouth are seeing the biggest jump in buyer interest, plus northern locations such as Warrington, Manchester and Wigan


What do the experts say?


Rightmove’s resident property expert Miles Shipside, one of their founding directors and a BBC News regular, explained that the market has seen a late spring boost as a result of certain restrictions being eased.


He said: “Usually we record our busiest days of the year in January and February and almost never when there is warm weather, so the combination of pent-up demand being released, new people entering the market and no halfterm holidays during lockdown has led to this late spring boost.


The challenge agents are facing is handling this surge of inquiries, having a process to deliver virtual viewings , and setting up socially distanced and safe physical viewings.

“This means that although numbers of sales agreed have improved from being down 90% to currently being 47% down compared to this time last year, it’s going to take a considerable time for a return to sales agreed levels seen last year and at the start of this year.


“Areas with beautiful scenery and a potentially quieter life are proving to be popular as home-movers’ priorities start to shift, and outside space becomes more important.


“There are also those considering a move further out now that they’ve realised they can work out of the office and may be finding they can get a lot more for their money in some of the South West and Northern locations.”


Source: rightmove property blog


Contact us today to arrange a virtual or physical valuation of your property and let us help make the next step easy.