The Rightmove House Price Index was released on the 15th June, and its contents contains some welcome news for sellers and buyers alike.
An overview of the current property market in England
- The average asking price of properties coming to market in England is up 1.9% compared to March, which was the start of all the uncertainty and lockdown.
- The number of sales agreed has gone from a 94% drop in March compared to March 2019, to just a 3% drop compared to June 2019.
- In terms of traffic, property portal Rightmove recorded its 10 busiest days ever in May and June. Home-movers collectively spent 955,000 hours on the portal on the 6th June. That’s just over 109 years! In that time, you could watch every single episode of Friends back-to-back 11,369 times.
- Analysis of new sales agreed is showing signs of upwards price pressure with buyers agreeing to pay 97.7% of asking price, an increase of 1.1% compared to sales completed in February.
- Over 175,000 sellers that couldn’t come to market from 24th March to 12th May have sprung into action with a record number of owners asking for valuations and daily new listings now up on this time last year.
The property market in West London
Sticking with data from Rightmove, we’re now going to zoom in and have a look at the local market data for West London.
This graph shows the number of people who have been clicking on the full details of properties. The percentage change
Each point represents a rolling seven day average. For example, the data shown on 12th May compares the average daily detail views for 6th–12th May 2020 to 6th–12th May 2019.
As you can see from the graph, there was a sharp drop when lockdown was announced and there was a whole lot of uncertainty, but as of the 21st June, the figures are showing a 21% increase on last year which is great news! It means there are lots and lots of buyers out there looking for a new home.
What sort of properties are buyers looking for?
Something that has changed since lockdown, are the priorities of buyers. With the majority of people being confined to their four walls combined with a new ability to work from home, it seems that it’s focussed the minds of both buyers and renters as to what they really want from their home.
One of the biggest changes, is the number of people looking for their own outside space. Rightmove searches for homes with gardens were up 42% in May compared to May 2019 and for renters they’re up a massive 84%.
The top five priorities for buyers are now:
- Bigger garden or access to one
- A bigger home
- Access to a parking space or garage
- A better home workspace
- Living closer to parks and green spaces
Perhaps you’re dipping into the property market looking for your own dream home with an outdoor escape?
Kerrison Road, W5
5 bedroom, semi-detached family home
Not only does this home have a stunning garden, you can throw open the doors and bring the outside in, creating a seamless space for you to enjoy.
Find out more here.
Rightmove Local Market Indicator [accessed 25/06/2020]
Rightmove House Price Index