Under half of agents say prices are up since lockdown - claim

A sentiment survey conducted amongst 585 estate agents by the OnTheMarket portal suggests fewer than half have witnessed price rises since lockdown despite widespread reports of the market being very strong.

Just yesterday the Halifax reported that average prices across Britain had reached a new record last month, above £245,000 for the first time following a 1.6 per cent rise in August alone. This is up 5.2 per cent from a year earlier, the fastest annual rate since late 2016.

However, this optimism is not reflected in the OnTheMarket survey.

Only 44 per cent of agents said they had seen price rises since lockdown, with 49 per cent saying they have stayed the same and seven per cent reporting falling prices.

Over a quarter of London agents who responded said prices had fallen further in the capital since lockdown ended.

Some 55 per cent said they did not expect there to be any significant change to house prices over the next few months, while 24 per cent said they believed they would rise.

Over a third - 38 per cent - said they expected the current flurry of activity to last until the end of October, while 28 per cent said they expected it to last until the end of January.

Just over two thirds said the level of interest amongst buyers was ‘better than expected’ with 53 per cent responding that the number of instructions was also better than expected. 

Since the market reopened, 55 per cent of agents said more people were looking for properties with outdoor space, 35 per cent said they had noticed a rise in the number of people looking to move into their area from outside it, and 25 per cent said more people were looking to upsize.

The vast majority said the current stamp duty holiday was good for the market. 

Some 63 per cent of agents said they had already returned to a full complement of staff following the lockdown. 

Below is a regional breakdown of findings from the OTM survey.