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11th June 2020

Post-covid swift rebound for housing market

Redbrik is delighted to report there has been a significant surge in demand in the housing market since it re reopened.

During the period from 13 May to 10 June, Redbrik has organised 2,530 viewings, registered 1663 new applicants, booked 321 market appraisals and took instructions to market 139 homes. These figures are broadly a 30% increase in year-on-year activity for the same period and reflect the boost in activity the property market is seeing across the UK.

We’re sure this will be reassuring news for both buyers and sellers, who have been faced with a barrage of unsubstantiated negative stories about the UK housing market from the national press over recent months.

For sellers, there are thousands of people actively searching for new homes. For buyers, there is an increased supply of properties coming to the market. Here at Redbrik, we have implemented many new and innovative marketing ideas to showcase our properties. We have also brought in procedures to protect our customers and staff, to ensure the buying and selling processes run as smoothly as possible.

It is fantastic to see progress not just locally, but across the country, too.

In the four weeks since the property market reopened, Zoopla has reported that there has been a sales leap of 137%. Demand for housing is now 54% higher than the start of March 2020, and demand has increased at a greater rate for higher value homes as homeowners look at trading up their current home for added space or a better location.

Specifically, the index of new sales agreed by region appear to be highest in the North and Midlands and lowest in London. Scotland and Wales continue to record low levels of sales as their markets remain closed.

The average asking price of sales in the last week was also 6% higher than in June 2019, showing that demand is not the only thing that has increased. Demand is even greater for properties within higher price bands, with Zoopla reporting sales of £1m homes 16% higher than in early March.

Mark Ross, Managing Director of Redbrik, commented: “We are thrilled to see such strong results from the housing market after its lockdown. We are confident this data will give buyers and sellers the real picture of the housing market and the reassurance that this is a great time to move if they want to. Interest rates are at record low levels, so there are fantastic mortgage rates available too.

“It seems that people are keen to continue newly formed working habits, splitting their time working between home and their business premises. With this change, we are also seeing potential buyers looking to relocate from London as their need to be close to their place of work diminishes.”