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Housing market continues to thrive following lockdown

Wednesday 29 July 2020

Propertymark's June Housing Market Report shows that one in 10 properties (10 per cent) sold for more than the original asking price as buyers compete for the successful bid on their dream home, which is the highest recorded since February 2016 where 11 per cent sold for more.

The report covers data given by NAEA Propertymark members in England, Scotland, and Northern Ireland during June 2020 as lockdowns were lifted. English agencies have been out of lockdown for around a month longer than their Scottish and Northern Irish counterparts and saw an initial post-lockdown boost to the market during that time. 

Sales agreed also soared, with an average of 10 sales per branch with the report also showing that housing demand is up 10 per cent compared to the May figures. 

Supply and demand 

Properties available per member branch stood at 37, showing an increase from 35 in May. However, year-on-year, the supply of housing remained the same.

The number of house hunters registered per estate agent branch rose by 10 per cent from 344 in May to 379. Year-on-year, housing demand is up by nearly a quarter, as prospective buyers resumed their home buying plans after lockdown.

Sales 

The average number of sales agreed per estate agent branch stood at 10 in June, which was double the amount recorded in May when there were five sales recorded per branch. Year-on-year, the number of sales per branch has increased, rising from nine recorded in June 2019.

First-time buyers saw a slight reduction from 32 per cent recorded in May down to 29 per cent. 

Prices

Ten per cent of properties sold for more than the original asking price as buyers compete for a successful bid. Nearly two in five (57 per cent) of properties sold for less than the original asking price.

Read the full report

Quote mark

It’s positive to see the market continuing to boom after the government re-opened the property market in May.

Usually, we’d expect to see a lull in activity during the summer months; however, with estate agents following new social distancing protocols and both demand and sales soaring, it seems we’re in for a busy summer.

Mark Hayward

Mark Hayward
NAEA Propertymark Chief Executive