11th June 2020
Chester property market shows positive signs of ‘bouncing back’
The Chester property market is showing positive signs of bouncing back since Estate Agents were allowed to reopen their doors a few weeks ago. Despite the property market’s freeze during the Coronavirus pandemic, we are seeing a steady level of new instructions, viewings and sales, as buyers and homeowners attempt to kick-start transactions that had previously been put on hold.
Almost three months of lockdown has caused some property owners to re-evaluate their living spaces; craving more space and the need for a home office – and are now acting upon their decisions to put their property on the market. We are seeing a distinct increase of younger sellers wanting to move to new homes with good gardens and a home office provision (usually in the form of an extra bedroom, so they’re not having to set up their laptops and computers on a temporary basis on the kitchen table).
Unsurprisingly, Rightmove reported that website traffic fell by almost 40% during lockdown However, available stock is only down by 2.6%, suggesting that despite the uncertainty, sellers are still holding firm for the market’s revival.
Meanwhile, mortgage lenders are willing to be flexible in response to delayed completion dates, as well as in their attitude towards individuals who have been furloughed.
Alex Horne, Senior Valuer at Matthews comments: “It is pleasing to see a steady level of new instructions and viewings since we have reopened our doors. The government’s swift action to support jobs, along with historically low interest rates will all underpin consumer confidence and buyer demand. Looking ahead, we expect market activity to increase as lockdown restrictions are eased even further.”
Further government intervention such as the extension of the Help to Buy scheme and a Stamp Duty holiday period, is much needed in order to really boost confidence and allow the market to fully stabilise.
If you are considering putting your property on the market, please contact us for a free property valuation.