Buyers move quicker since market re-opened
The number of viewings required before an offer is made has fallen since restrictions were lifted.
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Prospective buyers are acting more decisively due to stiffer competition and the growing use of virtual viewings since the market re-opened.
The average number of viewings before an offer is made on an individual property fell 31% versus the five-year average in the UK between the market reopening in mid-May and 5 August.
Transactions have recovered from April’s low point, when the Covid-19 pandemic halted all physical activity in the UK property market. Several years of pent-up demand, combined with uncertainty over how the UK economy will perform during the rest of this year, as well as the introduction of a stamp duty holiday last month, have also spurred on decision-making.
The number of offers accepted in the week ending 8 August was 148% higher than the five-year average in the UK.
“Without doubt we’ve seen the commitment of buyers increase since the market reopened,” said David Peters, Knight Frank’s Head of Country Business and Valuations. “Their determination to buy and move forward has been enhanced. Despite a huge increase in the number of viewings, we are seeing properties going under offer much more quickly.”
Meanwhile, the more widespread use of virtual technology means first viewings can feel like second viewings for many buyers, agents have said.
Indeed, the percentage of prospective buyers that make an offer having undertaken a viewing on a particular property was up 6.1% versus the five year-average in the same period.
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