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The housing market in England and Wales is displaying signs of stabilising, according to analysis of web traffic from property advice website Property Price Advice.
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Valuation requests on the website have broadly returned to their four-year average, representing a significant fall from the immediate post-lockdown spike.
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Requests in June were almost 70% above the four-year average, the highest ever recorded on the website.
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Peter Sherrard, founder of Property Price Advice, said: “Activity from our web users (via natural searches) in October was closer to what we’ve been seeing over the last few years, and shows that the buzz of the post-lockdown summer market is certainly cooling off.
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“We will be monitoring activity with a close eye and it will be interesting to see if the second lockdown will see a repeat of house-hunter activity from the first.
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“Clearly the dynamics of unemployment, mortgage lending criteria, general housing supply for sale, all coupled with a potential covid vaccine, will have a profound effect on transaction levels and potentially price.”
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Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
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Property Price Advice also has a computer model designed by economic consultants Pragmatix Advisory, which translates this web activity into housing price and transaction forecasts for the next eight weeks.
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Given the level of activity, average house prices for November and December are expected to be 3.3% ahead of the same months in 2019.
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BY RYAN BEMBRIDGE
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Source: Property Wire
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