Now the shackles are off the UK property market, statistics across the board are on the rise. The latest of these is the number of home moves which saw a 68% uplift in the first week alone following the easing of restrictions.
Predicting how the UK property market will perform is a ‘funny old game’. Many so-called property experts and analysts stepped out of the shadows earlier this year predicting absolute doom. Quoting horrendous negative numbers and these very same experts are now coming up with all manner of excuses and reasons why they were so wrong.
I and some others didn’t agree with their apocalyptic rhetoric. We realised that there are significant core fundamentals underpinning the market, and the most important of these is supply and demand.
Yes, I’ll admit, I do have a bug-bear with some of these ‘self-professed’ property experts. In my opinion, they promote themselves as an oracle, are rewarded for their views, rarely hold their hands up to say sorry for being wrong and then skulk back into the shadows.
For the nigh-on 20 million homeowners in the UK, the recent performance of the property market has brought joy. It’s reconfirmed that for the time being, their biggest asset is safe.
Just Move In recently looked into the data and uncovered a dramatic upward escalation in the numbers moving home since the easing. To anyone that follows the mainstream news and property press, this is another piece of positive research to help complete the overall picture of how the market is performing.
The data collated by Just Move In showed that in the five weeks since the restrictions were eased on the 13th of May, the number of people moving surpassed the previous seven weeks combined by 28%!
The above is almost the exact opposite of the first four weeks of the lockdown where the number of people moving fell by an average of 25%.
In the first week following the 13th May, there was a huge spike of 68% moving home. And each week since has seen an average increase of 29%.
I wonder what the experts who predicted carnage are making of country’s unwavering desire to own a property? Perhaps they will put it all down to a minor blip, and will continue to state their predictions will still come true?
Ross Nichols, a co-founder of Just Move In, said: “We’ve seen a number of market metrics point to a strong industry revival since the UK property market reopened for business and it’s great to see that this has filtered through to the number of people actually moving home, not just listing and transacting.
Of course, this process would have been tricky as a result of the current pandemic. However, there are many out there who wouldn’t have had the luxury of time on their side with regards to their home move.
It’s a testament to the industry as a whole that we’ve been able to pivot and keep people moving despite the huge spikes in demand for properties following the market reopening coupled with the operational hurdles that the pandemic has presented.
I think a lot of home movers will have now realised the importance of good customer service regardless of whether it’s their estate agent, utility providers or anyone else involved in the home moving process.”
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