London is always the best example of things to come across the UK, changes in the property market usually hit London a few weeks or months quicker than the rest of the UK, so it’s often a good indicator of things to come.
It’s a bit of mixed news when it comes to reports from the property market today, with asking prices in London slightly up year on year, but still down when looking at pre lockdown levels with a drop in the capital of 1.7% compared to March for London. According to Rightmove here are the changes in property prices across England (June 2020 vs March 2020):
- East England: 1.8%
- East Midlands: 2.3%
- London: -1.7%
- North East: 2.3%
- North West: 2.8%
- South East: 2.6%
- South West: 2.8%
- West Midlands: 2.1%
- Yorkshire & Humberside: 3.3%
These are all based on the asking price change, so we’ll have to wait to see what actually happens with the selling price.
Before lockdown, the market was enjoying a substantial-high, looking in the best shape it had been for years, which was brought to an abrupt halt.
That being said it’s an important week for the UK this week, with a lot of non-essential businesses opening, which will mean a lot of people are back to work and some form of normality. Estate agents should all be now re-opened and getting underway listing the backlog of properties on popular property portals. It’s likely that due to the level of properties that are going to be listed that the market will be playing catch up for at least the rest of this year due to the amount of missed sales and backlog.
Initially for the first few weeks, the priority will be on sales that had been due to go through during lockdown.
Rightmove June 2020 House Price Index – Summarised
Rightmove have published their June 2020 house price index points, which we’ve summarised for you below:
- Compared to March asking price is up by 1.9% across England
- They estimate that there are still 175,000 sellers missing from the market, as estate agents work on catching up
- Number of sales agreed is 3% down on a year ago
- New people contacting estate agents has hit a new daily record and is 40% above the levels of early March
As you can see, the property market in England is moving again.
Struggling to sell after lockdown?
Estate agents are busier than they’ve ever been, the market is becoming flooded with properties for sale as there is a massive backlog they are working through. This may result in you struggling to get on the market, let alone actually sell.
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