Enquiries doubled overnight as market reopened: Rightmove - Mortgage Strategy

Img

The number of property hunters enquiring about new homes through Rightmove doubled from Tuesday to Wednesday as the government lifted restrictions on viewings and moving house.

Phone and email enquiries to agents made through the property website on Wednesday were only 10 per cent lower than the same date in 2019.

Total visits to the site reached almost 5.2m, up 4 per cent on the same day last year.

There was also a surge in rental demand as the number of enquiries reached the highest level since September 2019.

However, the property portal says it will not resume publishing asking price data until there is a recovery in the number of listings.

It reports that the number of new properties coming to market remains 90 per cent lower than a year ago, although there was a week-on-week increase of 111 per cent.

Rightmove director and housing market analyst Miles Shipside says: “The traditionally busy spring market was curtailed by lockdown, but we’re now seeing clear signs of returning momentum, with the existing desire to move now being supplemented by some people’s unhappiness with their lockdown home and surroundings. 

“Some may be unable or unwilling to move now, but those who are ready to take the plunge have jumped immediately into action.”

Shipside says that despite the positive data, it is likely to take months rather than weeks for momentum to build.

He adds: “With no new seller asking price data it’s too early to comment on price movements, though high demand is needed to support a stable market. 

“If there are attractive lower deposit mortgages available it would help sustain the recovery in activity. 

“The industry has been caught by surprise, as we were all expecting the housing market to stay closed until at least June.”

MT Finance director Tomer Aboody says: “Pent-up demand from buyers to move was stalled by lockdown, but never went away. 

“Further stimulus from the government in the form of a possible stamp duty holiday, and assistance from banks who will hopefully be more innovative and flexible on mortgages, will allow buyers to move and be proactive, while also being comfortable to borrow.

“Restrictions will apply with regard to access but flexibility for valuers, agents, sellers and buyers, will allow them to work around the social distancing rules in a safe manner. 

“It’s hard to determine what values will do until transactions pick up and it becomes more clear what level of stock will come to market, but the desire will be there even if it takes a while for the market to get moving again properly.”

Property app Houso’s director Ben Johnston says: “If surveyors stick to pre-agreed sale/purchase prices and banks maintain liquidity, there is a very real opportunity for the market to re-open strongly.

“A shift of emphasis with regards to where people want to live is likely. Villages and more rural properties with decent internet connection and home-working spaces will top search criteria going forward.”

Jackson-Stops chairman Nick Leeming adds: “Following the government announcement we experienced an immediate flurry of activity across our branch network.

“We have a strong pipeline of pending sales which started to move within the first hours of trading. 

“Our Exeter branch, for example, received four requests from buyers to view properties, all before 10.30 am on the day the market reopened. “Meanwhile, our Alderley Edge branch received two requests for valuations and three calls from buyers asking to view properties both above and below the £1m price band before midday.” 


More From Life Style