The beginning of 2020 followed on with the strong market conditions of the latter half of 2019 with Manor recording our biggest month on record for the month of February. Soon after, the COVID-19 Pandemic unleashed its fury on the economy and as a result, the market conditions shifted. Within a matter of days we experienced vendors and purchasers shying away from the market due to job loss and fear of the unknown future ahead.
Fast forward to May, we began to see some normality and calmness return, home owners saw an opportunity to list in a market with little competition and unaffected purchasers returned in droves. In the space of two weeks we experienced a 30% increase in open home attendees due to easing of social restrictions and rules surrounding open home practice.
As social restrictions continue to be lifted, we are experiencing a high demand for properties from potential purchasers. Due to the stock levels remaining relatively low, we are starting to see prices return to those that were achieved prior to the pandemic much sooner than expected. A surprising outcome that had been predicted to be more severe.
We are predicting an influx of properties to come on the market in Spring which may result in a loss of the benefits of listing in the current market conditions.
If you have been thinking about making a move, please don’t hesitate to get in touch with our team.