Rightmove monthly analysis - positive signs
Updated: Jul 10, 2020
Unusually Rightmove has issued its May House Price Index report today. Th key news is:
With the reopening of the housing market in England this week, first day activity shows a release of pent-up home-mover momentum
Portal visits back pre-lockdown levels on Wednesday 13th May with almost 5.2 million visits, up 4% on the same day a year ago
Sales demand (unique enquiries) doubled from Tuesday to Wednesday, and was only 10% behind the same day in 2019
Rental demand also surges with highest unique enquiries in one day since September 2019
No new seller asking price data reported as the number of properties coming to market is down 90% on the same period a year ago
Signs of fresh supply with a 111% week-on-week increase in new sales listings on day the market re-opened
Home movers and estate agents need to adapt immediately to biggest ever changes in how homes are marketed and viewed to ensure stringent social distancing, with virtual viewings a top priority
For the second month running there were too few properties coming to market to accurately measure movement in new asking prices, so they did not publish average new seller asking price figures.
Miles Shipside, Rightmove director and housing market analyst says:
“The traditionally busy spring market was curtailed by lockdown, but we’re now seeing clear signs of returning momentum, with the existing desire to move now being supplemented by some people’s unhappiness with their lockdown home and surroundings. Some may be unable or unwilling to move now, but those who are ready to take the plunge have jumped immediately into action. Unique enquiries on property for sale doubled from the day before, though we expect consistent momentum to rebuild over several months rather than weeks.
The government states that initial viewings should ideally be virtual, with technology allowing the use of a variety of video options. That content will also prove to be effective to highlight homes that have suitable spaces for working from home, which may now be towards the top of must-have lists for many buyers whose commuting life has been curtailed for the foreseeable future."
Read more from Rightmove's report here.
Are you one of the home owners who need or want to move and do you have sufficient confidence to sell or you planning to wait and see a little longer? Let us know at firstname.lastname@example.org