As an Estate Agent we were keen to read the House Price Index from Rightmove which gives the picture of house prices and activity over the past few weeks, this latest information was particularly key as Estate Agencies re-open for business after Covid-19.
The average asking price of property coming to the market in England was up by an average of 1.9% (+£6,266) compared to March before the housing market was put on hold
Over 175,000 missing sellers that couldn’t come to market from March 24th to May 12th have now sprung into action with a record number of owners asking for valuations and daily new listings are now up on Rightmove v last year. The number of sales agreed had recovered from a staggering 97% drop to a daily rate of just 3% down on a year ago.
40,000 new sales have been agreed since the market re-opened on May 13th releasing a flood of pent up demand and the number of people phoning and e-mailing estate agents has hit a new daily record – 40 % above the level seen in early March.
The delayed spring market has led to a traffic boom on Rightmove with the portal recording its busiest ever days in May and June, with 955,000 hours collectively on June 6th.
At David Phillip Estate Agents, the activity levels since the return from Lockdown has certainly followed the Rightmove statistics with 6 sales agreed stc.