‘Lost’ 175,000 Covid vendors return amid delayed Spring market

first_imgSome 175,000 missing vendors who would have sold their homes during the March, April and May lockdown have returned to the market, Rightmove has claimed.In an upbeat assessment of the post-lockdown housing market recovery, the portal also says the number of sales agreed has recovered from a 94% slump to being just 3% off pre-Covid levels, suggesting the delayed Spring market is now taking place.But the widely expected advent of price renegotiations including gazumping has also not materialised.  Buyers have agreed to pay 97.7% of asking price on average, up from February’s average of 96.6%.The renewed supply of properties being listed means it is now a buyer’s market and, Rightmove reasons, vendors who negotiate hard on price are seeing vendors reject offers.“There are no signs of panic selling or even a price dip,” says Miles Shipside, its housing market analyst.“Some sellers who had agreed a sale before lockdown have been worrying that their buyer may try to re-negotiate with a reduced offer. “On this evidence buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards.”Rightmove suggests this mini-boom as some agents have been calling it, may continue throughout the summer as families who are unable to go on the traditional annual holiday concentrate on house moving instead.David Plumtree (left), Group Chief Executive of Connells, says: “There is strong demand from first time buyers despite a shortage of higher loan to value mortgage products.”  Rightmove Miles Shipside connells David Plumtree June 15, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » ‘Lost’ 175,000 Covid vendors return amid delayed Spring market previous nextHousing Market‘Lost’ 175,000 Covid vendors return amid delayed Spring marketStronger than expected return to a semblance of normality has also prevented price drops – agreed sales prices have risen to 97.7% of asking price.Nigel Lewis15th June 202001,158 Viewslast_img

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