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Jameson and Partners Estate Agents Altrincham

Property market bounce back

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Property market bounce back

Since the lockdown, we have seen the property market bounce back with abundance. In fact, right across the South Manchester region, we’re seeing a strong return to the property sales market.

Promising signs regionally and nationally
Locally, property prices are at present largely unaffected and interest is quickly picking up pace again.
The bounce back we’re seeing resonates nationally too. According to figures released by Zoopla (online advertising portal), the number of sales agreed rose by 137% in the week estate agents reopened, at the end of May.

A closer look at the figures
Their data also showed the number of sales agreed is now only 12% lower than the start of March (before the lockdown started). Their figures reveal the average asking price recorded at this time is 6% higher than the same time last year (June 2019). Therefore, we are not seeing any immediate reductions in property prices. Of course, some areas of England will be affected more than others. We don’t expect prices in Trafford to decline. However, the chances are the prices may stabilise at current levels for the next 12 months.

Interesting observations
When we look at the recent enquiries from those looking to move, we’ve noticed the motivations for moving have changed. We have seen a larger than normal proportion of buyers and prospective tenants looking for family homes with gardens. Those properties on the market without gardens have seen smaller interest levels than usual. We’ve also noticed moves initiated due to separations, and for those looking for a change of lifestyle. And interestingly, what have we found is more popular than before lockdown? It’s the houses we are selling on the outskirts of town, with greater privacy and large plots of land.

Stability predicted
These trends have seen a continued level of movement in the market. This means we are letting and selling properties at a good pace. We expect the market to stabilise over the coming months and return to a more predictable cycle. But for this year, the peak months of activity missed during April and May, appear to be getting pushed into June and July.  And as Richard Donnell, Zoopla’s Research Director, says, “We still believe that this spike in demand will be short-lived as the economic impacts of Covid start to feed through into market sentiment and levels of market activity in 2020 H2”.

Are you looking to sell your home while we see a property market bounce back? If yes, and you would like to work with an estate agents who knows the local market, get in touch. Send us an enquiry online here, or call us at the office on 0161 941 4445.