Despite the significant impact of COVID-19 on the UK property market, positive signs of growth suggest a return to normal could be on the cards by the end of the year, according to Good Move.
Ross Counsell, chartered surveyor and director at Good Move, said: “COVID-19 has had a detrimental effect on the British economy, and this too included the property market.
“However, we are now seeing positive signs that signal growth in the property market as we re-emerge from lockdown.
“We’ve seen asking prices increase in July, up 2.4% compared to March, which signals a ‘boom’ in the property market and is a fantastic sign for sellers and estate agents as they can expect higher offers for homes.
“Rishi Sunak’s stamp duty holiday also saw properties in London soar in sales by 27% in the weeks following the announcement in July, although this only increased by 6% in the rest of England.”
Counsell added that the impact of COVID-19 might change the shape of the market moving forwards.
He said: “Following the impact of coronavirus, we predict buyers will be looking for homes with a garden and a home office space, in the suburbs and countryside for added outdoor space rather than in cities.
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“Sellers on the other hand need to adapt to the change in buyer preference.
“As we know, space is now at the forefront of buyer’s minds and they’re going to consider every single detail of a house before putting an offer in.
“Therefore, we advise sellers to instruct a chartered surveyor to perform a property survey, so they can take steps to rectify any major issues that will put buyers off or reduce the value of their home.
“For estate agents, we expect house prices to continue to increase across the UK, as well as more and more people looking to sell their home now the housing market has re-opened.
“We’ll see many estate agents working around the clock to support their clients and find the best possible deal for them to help protect their finances long-term.
“With everything considered, we fully predict the market to be back to ‘normal’ by the close of the year.”
By Jessica Bird
Source: Mortgage Introducer