May was a rollercoaster month, we started steady and then with the announcement that non-essential moves could take place the demand for properties jumped up massively overnight.
The figures are understandably still below the levels of previous years; however, it is positive to note that there was a marked improvement in May compared to April.
In May our sales instructed increased by 66%, new properties onto the market grew by 32%, and the demand for rental properties is rising with an increase of 40% on completed lets. We also saw a vast improvement in the need for Commercial properties.
Enquiry levels were high in May, with
2,000 new customers registered as looking for sale or rental properties
Over 7,000 viewings requests, broken down into
nearly 3,000 viewing requests for auction properties,
2,000 for sale properties and
2,500 rental viewing requests.
While we welcome the ability to allow people to move, we are also cautious about the safety of staff and customers. The current Government guidance is that you should conduct virtual viewings first, and this is what we are continuing to do. We are arranging in-person viewings only for genuine and proceedable buyers and tenants.
The Government guidance states that if you can work from home, you should continue to do so. The results of the last two months have shown me that the majority of staff can work effectively from home and they will continue to do so.
The mortgage market is improving every day with new products coming onto the market and surveyors now back in action, enabling mortgage offers to be issued.
Overall I am optimistic about the property market in the months ahead, the biggest hurdle I can see is a shortage of stock in the market. However, this should lead to stability in prices (and potentially an increase) if buyer demand outstrips supply.
Best wishes, keep positive and stay safe!