COVID-19: The Local Property Market in May 2020

By Howard Davis, MNAEA, MARLA, Assoc RICS. Managing Director of Howard Independent Estate Agents. 




As May 2020 commences, I am amazed at how quickly we settled in to a new way of life to meet the challenges of lockdown. 

We’ve adapted with determination, kindness, positivity and humour, with a can-do attitude resulting in some great things despite the situation.
 
The Sales and Lettings markets aren’t half bad either considering. Within the last few weeks, Rightmove reported “available stock for sale is down only marginally, by 2.6%, since the lockdown began". And Zoopla reported interest in lettings "has bounced back over the past two weeks by 30%".  For those with sales agreed, although it is reported many transactions are ‘in suspended animation’ due to the pandemic, there is little sign that people are being forced to pull out of purchases.  
 
And although some industry experts are predicting a 10-20% reduction in the value of property nationally as a result of Covid-19, from a more local perspective of the market I am not so sure we will see such a fall in value, or indeed a fall at all in the short term.

It appears the lockdown combined with exceptionally good weather has resulted in spike in demand for properties with gardens or outside space from both our sales and lettings applicants.

People are still looking at property online, sending enquiries and planning their next move. And although we are unable to physically carry out viewings, technology is playing a massive part in helping us to provide desktop valuations and viewings to meet the needs of our clients.
 
We are here to support our clients and I know the team have already helped so many people by answering key questions and resolving issues that have arisen during these unprecedented times. 

Of course it will be more difficult to predict how the market will perform in the months following the end of the restrictions, but from what we can see there is a pent up demand to move. There might well be a fairly busy market just after lockdown happens.

We will just have to see.


 

Sales Lettings Management 0117 9238238 203 Whiteladies Road, BS8 2XT Here for you… Although the doors to our office may be closed Howard is still dealing with enquiries. Sales and general enquiries: hello@howard-homes.co.uk  0117 9238238 Lettings: cliftonlets@howard-homes.co.uk 0117 9466588 Property Management: cliftonmaintenance@howard-homes.co.uk For further details of our services, policies and guidance during this time please visit our website www.howard-homes.co.uk