UK property market shows signs of Covid-19 fears easing: survey

By EdgeProp Singapore / EdgeProp Singapore | May 13, 2020 2:38 PM SGT
A survey of 1,141 UK home buyers and sellers revealed that 79% of respondents still plan to market their properties within the next 12 months, although 64% say they expect the sale to be delayed by up to a year. The survey was conducted by UK real estate portal GetAgent.co.uk.
The survey reveals that fears over the Covid-19 pandemic are starting to ease. Two weeks ago, 42% of home sellers indicated that they were extremely concerned about the impact of the pandemic on their property sale. This has now dropped to 33% of respondents.
“Our latest data release provides a welcome glimmer of returning market sentiment in what has otherwise been an extremely difficult period for the property industry, as home sellers and buyers start to think about life after lockdown,” says Colby Short, founder and CEO of GetAgent.co.uk.
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EDGEPROP SINGAPORE -  Home buyers and sellers in London are starting to consider their real estate needs after the country's lockdown ends. (Picture: Pixabay)
Home buyers and sellers in London are starting to consider their real estate needs after the country's lockdown ends. (Picture: Pixabay)
The ongoing impact of the lockdown in the UK is still hampering the number of new home listings, which has peaked at 2,009 a day in May so far, compared to 8,642 a day in February.
The portal says that home-buying interest in the UK remains strong, with more people viewing a property listing on the website compared to before the lockdown. Agent leads by the portal have also increased.
However, 43% of surveyed buyers say that they would still not put an offer on a property given the current market conditions. This is a marginal decrease from 46% of buyers surveyed two weeks ago.
“It may be a month or two yet before we see a full return to normality, if at all, but the industry will continue to pivot with the current landscape and as restrictions are relaxed,” says Short. “When they do, this pent-up level of buyer demand should ensure that any pandemic-related impact on house prices is short lived.”
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