Property prices set to rise in July and August, survey predicts

first_imgThe property market remains buoyant after the lifting of the lockdown, with price rises in July and August set to be above last summer’s levels, according to a new survey.However, the report says the market remains much quieter than last year, with the underlying sales volume this summer expected to be nearly a third less (29%) than last year.The findings come in a new survey from property website and are based on statistical analysis of the views of site visitors.North showing most interestThe site’s Market Activity Predictor report predicts:Prices will rise in July and August to put them 1.4% ahead of the same time last year.Transaction levels this summer will bounce around unpredictably as the loosening of lockdown restrictions means a backlog of sales are processed in quick time. But the underlying level of transactions will be stable.The North of England is reporting the highest levels of interest in moving home, while London appears to be the weakest region in terms of buyer interest coming out of lockdown.Lockdown ‘turning point’Mark Pragnell, economics advisor to and director of strategy research consultancy Pragmatix Advisory, said: “Interest in moving home had been on a steady downward slide since summer last year, well before coronavirus. In the days before lockdown, requests for valuations had fallen to 70% below their four-year average.“Lockdown has been a turning point. The numbers of online valuations have swung back quickly, and in the most recent weeks have returned to or are above the recent years’ norm.“Renewed interest during lockdown will be partly the result of people having more time at home with their computers and smartphones, and some will reflect more households in financial distress. But this recent rebound is in people saying they want to move – so the interest is more than casual.”However Mr Pragnell warned the Covid pandemic could still derail the property market recovery.“Getting the ‘unlock’ of the economy right will be crucial,” he added. “All eyes will be on Rishi Sunak and his emergency budget to see if he can bolster families’ confidence in their financial circumstances and get the country moving again.” House price rise Housing market recovery property prices July 7, 2020Richard ReedWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » Property prices set to rise in July and August, survey predicts previous nextHousing MarketProperty prices set to rise in July and August, survey predictsPrice rises in July and August set to be higher than last summer’s levels, with most activity in the North while London reports the weakest.Richard Reed7th July 202001,652 Viewslast_img read more