Good news for sellers – demand for homes has bounced back post-lockdown

The property market has been reopen for business since May 13 and during that time it has recovered quickly following a period of inactivity at the height of lockdown.

Demand from prospective buyers has returned to levels seen before the coronavirus pandemic when the market was performing strongly during the first two months of 2020.

It is believed that this surge in interest from buyers is a combination of those who were looking to move before March picking up where they left off and those deciding during lockdown that they wanted to move now entering the market.

All of this is, of course, good news for residents of Harrogate and the surrounding areas looking to sell their properties as high levels of demand increase your chances of selling quickly and for the best possible price.

Below, we analyse the latest findings from Rightmove and what these figures mean for sellers in the areas we operate in here at TLC Properties.

Asking prices and demand on the rise

Rightmove data shows that the average asking price of homes coming to market in recent weeks is now 1.9% higher than before lockdown, standing at £337,884.

The portal also reports that the number of sales agreed is down by only 3% compared to last year, which is impressive when you consider the impact of Covid-19. In mid-June, Rightmove reported that some 40,000 sales were agreed in the four weeks after the market reopened.

There has also been a significant spike in people looking for homes online, with Yorkshire being named as one of the regions with the highest surge in demand. Rightmove says that 10 of its busiest-ever days for traffic were recorded between mid-May and mid-June. The busiest single day for time spent on the site was Saturday June 6 with people collectively spending over 955,000 hours browsing for properties.

At the end of May, the portal saw visits exceed six million in a day for the first time, equivalent to an 18% rise on the same day in 2019. These figures demonstrate the release of a huge amount of pent-up demand built up during the height of lockdown.

What does this mean for sellers in Harrogate?

With average asking prices recovering and demand from prospective buyers surging, sellers who put their homes on the market now can be confident of selling quickly and for the best possible price.

The market was performing very strongly at the start of 2020 and all the evidence suggests that conditions can recover to pre-pandemic levels before the start of the year.

With demand from prospective buyers high, sellers are in a strong negotiating position. You can attract more serious buyers to view your property, increasing the chance of a bidding war being sparked and giving you more offers to choose from.

It's clear that the pandemic has encouraged many people to consider their living situation when it comes to outdoor space, living in urban areas and work/life balance.

Therefore, if you can offer what buyers are increasingly looking for, now is a fantastic time to list your property. However, the recovery of demand for homes is no secret, so there will be plenty of other sellers entering the market in the coming months.

That's why it can be beneficial to act sooner rather than later, making sure you list with the best local agent and preparing your property for sale accordingly.

Preparing your home for sale

Guidance from the government is still encouraging virtual viewings to be carried out as a first port of call, before organising in-person viewings with the most serious buyers.

Whether you are showcasing your property virtually or in-person, the same rules apply. You need to make sure your home is decluttered, tidy and staged appropriately.

With buyers increasingly keen on outdoor space, now is the time to make sure your front and back gardens are well-looked after and appealing. Other areas of the property which are likely to be of high interest to buyers are the kitchen and bathroom.

Before listing your property for sale, it can also pay dividends to complete any odd jobs you've been putting off for a while or give your home a lift with some low-level painting and decorating.

Here at TLC Properties, we can guide you through the sales process, from preparing your home for sale and viewings to negotiating offers and sales progression.

If you have any questions about selling your home in the current market, please get in touch with a member of our expert team today. What's more, you can kickstart your property sale with a free and instant online valuation.