Knight Frank has reported a remarkable set of figures for June showing how the housing market has bounced back with a vengeance - yet the agency remains cautious about how long this renewed activity can last.
Outside London June was the highest month on record for offers accepted, the second highest month on record for viewings, and the third highest month on record for new instructions to sell, the agency reports.
Meanwhile in London June was the second highest month on record for new prospective buyers, the fourth highest month for offers accepted, and the seventh highest month for new instructions to sell.
Knight Frank’s records go back 20 years.
The number of offers in particular is being interpreted by the agency as a solid sign that traction has returned to UK property markets since the lockdown was lifted.
The figure was 46 per cent higher than the second highest month on record, which was March this year, underlining how the property market has picked up where it left off before the Coronavirus pandemic struck.
“A large number of buyers registered their interest after an eight-week lockdown but what’s happening is bigger than that” claims Tom Bill, head of UK residential research at the agency.
“Sellers are coming back in meaningful numbers and deals are being agreed at record rates. You can question how long it will last but right now the market is as robust as it has been in years.”
His doubts, however, are based on concerns around the longer-term economic performance of the UK as well as the impact of any second wave of Covid-19 this coming autumn and winter.
Knight Frank’s regional breakdown suggests that current levels of activity are particularly strong in areas where there is more outdoor space.
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Knight Frank do well to be cautious about - the future - in 1988, I was that agent selling 6 properties a week personally, only to go on holiday for a fortnight in September 1988, and be told the office three negotiators sold two properties in those weeks, then for the next three years we battled with negative equity and tiny amounts of transactions.
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