Housing market stabilising during second lockdown
The housing market in England and Wales is displaying signs of stabilising, according to analysis of web traffic from property advice website Property Price Advice.
Valuation requests on the website have broadly returned to their four-year average, representing a significant fall from the immediate post-lockdown spike.
Requests in June were almost 70% above the four-year average, the highest ever recorded on the website.
Peter Sherrard, founder of Property Price Advice, said: “Activity from our web users (via natural searches) in October was closer to what we’ve been seeing over the last few years, and shows that the buzz of the post-lockdown summer market is certainly cooling off.
“We will be monitoring activity with a close eye and it will be interesting to see if the second lockdown will see a repeat of house-hunter activity from the first.
“Clearly the dynamics of unemployment, mortgage lending criteria, general housing supply for sale, all coupled with a potential covid vaccine, will have a profound effect on transaction levels and potentially price.”
Property Price Advice also has a computer model designed by economic consultants Pragmatix Advisory, which translates this web activity into housing price and transaction forecasts for the next eight weeks.
Given the level of activity, average house prices for November and December are expected to be 3.3% ahead of the same months in 2019.