The Zoopla House Price Index Report for May 2020 confirms that the number of home sales agreed are now at pre-COVID levels, as are the number of new homes being listed for sale. Demand for housing remains 46% above levels in early March. However, demand has started to soften in the last fortnight. This is unsurprising, given the strength of the initial boost when the market reopened.
“Returning pent-up demand and new buyers entering the market is creating upward pressure on prices in the face of a lower supply of homes for sale which has been exacerbated by the lockdown," said Richard Donnell, Zoopla Insights and Research Director.
“House price growth is set to hold up in the near term and we expect the downward pressure on prices to come in the final months of the year as demand weakens.
Chris Pick, Business Development Manager and Valuer at Alasdair Morrison & Partners said: "This report mirrors local property activity in Newark and Sherwood for May.
"June has been excellent so far, and if property coming to the market is priced correctly, then viewing activity is very strong due to a build up of buyers who have been unable to view, as well as completed house sellers who have gone into rented and are now ready and able to proceed quickly as cash buyers.
"We are seeing a greater number of properties coming to the market in Southwell but fewer in the surrounding villages, which is great for people wanting to sell in the villages as we are receiving interest from buyers out there who are looking for property in the Trent Villages."
"Property is selling at asking prices again, as well as through our intensive ‘pre-internet marketing’ to our database of prequalified buyers. We are also seeing strong leads through property portals such as Zoopla, Prime Location, On The Market and our own website."
