Feb 24, 2020

Is the property market bouncing back?

The ‘Brexit’ bounce, or the ‘Boris’ bounce, has been enjoying media coverage in the early months of 2020.

The concept of a sudden market resurgence is certainly compelling. But is there substance behind the optimism?

Well, there are certainly tangible signs of a ‘bounce back.’

Rightmove has reported their busiest ever month this January. Activity is up 7% with an unprecedented 150 million visits.

Carter Jonas relayed a 52% surge in the number of offers received on properties in the first two weeks of this year, compared with the same period in 2019.

“The bounce in our statistics seems to show that many buyers and sellers see the election result as giving a window of stability, so if you’ve been holding back on account of Brexit, 2020 could well be your year to move.” – Miles Shipside, Rightmove.

 

The relative political stability since the general election may have allowed a sudden spike of optimism in the property market, for example a 2.3% surge in the price of properties being listed for sale on Rightmove.

“There’s a definite sense that the property market has turned a corner and is shaking off its post-EU referendum anxieties.” – David Westgate, chief executive of Andrews Property Group.

Yet, is this optimistic activity sustainable?

Simon Rubinsohn, RICS chief economist, reports that he expects to see this buoyancy continuing for at least the next 12 months. The ‘pent-up’ appetite of the market means there are many buyers and sellers who, having sat tight for months, are now seeing a window of opportunity and will happily take advantage of this.


Want to take advantage of this optimistic trajectory? Now might be an excellent opportunity for a marketing campaign. Read more about it here.

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