Pent up property demand surging into the market, says Rightmove


Published : 20th December 2019

News

The number of people house hunting online has increased by 28% across the UK which is not usual for this time of year, the portal claims.

There has been a 28% surge in the number of people house hunting online for property since the General Election, says Rightmove.

The portal says the increase in activity took place between Friday 13th and Monday 16th December and that the biggest increase within England took place in London, where buyer demand for homes for sale increased by 54%.

Outside England, buyer demand leapt by 100% in Edinburgh and the Scottish boarders.

Rightmove says that normally house hunting activity tends to quieten down during the two weeks before Christmas, but not this year.

PENT UP DEMAND

Its Commercial Director and Housing Analyst Miles Shipside says the leap in house hunting is proof that the pent-up demand created during the previous three years following the EU Referendum is showing signs of being released, despite the looming yuletide break.

“We often see a spike following an election, but it’s more surprising this year given the seasonal slowdown, perhaps because some home hunters know they’re more likely to get a bargain if they can agree a sale before Christmas,” he says.

“It’s too early to see an uplift in new stock [but] we do think this will start to come through after Christmas and into January.

This year, five of the top ten busiest days on Rightmove were all in January so with a bit more political certainty than before we could be shaping up for an active January market.”

Simon Hughes, Managing Director of Conran Estates in South East London, said: “Since Friday we’ve seen more motivated buyers coming to the market, as well as an uplift in potential sellers wanting their property valued, which has given an unexpected boost to the end of the year.”

Source:- https://thenegotiator.co.uk/rightmove-house-hunting-surge-brexit/