Manchester’s property market bounces back with 300% increase in registered buyers
In the wake of lockdown measures gradually easing throughout the UK, the residential property market has begun to bounce back to pre-lockdown numbers and even doing better in some areas than the previous year. Estate agents and Law firms have seen enquiries return to pre-coronavirus levels in May after enquiries all but stopped at the beginning of April, two weeks after the lockdown was initially introduced. “Residential markets tend to be fuelled by confidence and we certainly see positive signs of a market bounce emerging in the North West and beyond.” The lockdown and halt of the UK economy have given prospective buyers plenty of time to research the market and learn what they want in a property, leading registered buyers to spike and increase 300% in the past three weeks. Matthew Smith, sales and lettings director at Thornley Groves has stated that their data suggests that “the level of interest in residential property is now back at pre-lockdown levels and is also up almost a fifth year-on-year, both in March and May. With the public having to continue to work from home likely as the economy recovers and a Covid-19 vaccine is found, more families are searching for bigger properties that will facilitate their working from home needs. Buyers are still needing to move regardless of their reasons, and this has not changed amid the pandemic, and therefore consumer confidence has maintained throughout. With the speculated introduction of a stamp duty holiday from the Government, the market would most likely spike and kick start more sales of larger homes in the North West.