The surge in real estate demand that emerged when the English property market reopened after spending eight weeks shuttered by the coronavirus, has prompted an influx of sellers in the U.K. to jump into action, according to a report Thursday from Knight Frank.
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The number of prospective buyers registering outside of London reached its highest total in more than nine years last week, while the number of new homes for sale in the first two weeks of June outside the capital was 16% higher than the five-year average, the estate agency and property consultant said. The report did not provide exact figures.
“We came out of the blocks flying, but it was all viewings,” Ed Rook, head of Knight Frank’s Country department, said in the report. “What’s pleasing to see is that viewings have translated into agreed deals, and that has encouraged sellers to act. We are moving towards a more sustainable market.”
Restrictions on real estate were lifted in England on May 13, allowing for activity to resume in accordance with social-distancing guidelines, and activity has strongly rebounded since.
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The number of offers being accepted on homes for sale in the U.K. but outside of London, reached a record high earlier in June. Demand for properties outside of the capital has been bolstered by buyers seeking outdoor space—a trend that is expected to be long lasting—as well as favorable purchase prices, Mansion Global previously reported.
“I’ve never seen a market like this,” George Bramley, from Knight Frank’s Country department, said in the report. “This is more than about people looking for a bigger garden. People have had three months to think about life, and many have decided to live differently. It will be interesting to see how long it lasts.”
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June 20, 2020 at 03:03AM
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Encouraged by Activity, Sellers Make Moves in the U.K. - Mansion Global
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