Mount & Minster have hailed a “remarkable recovery” in activity levels since the reopening of the property market in England on May 13th, with a substantial surge in buyers looking to leave London for more space in the East Midlands.
The estate agent said agreed sales fell in April by 71% compared to the previous year, but were up 96% in June this year compared to the same period in 2019.
Activity is reflected by the demand for more outdoor space and thee ability to work from home more often.
Outside of the main built-up areas of Newark, Grantham and Lincoln, estate agents confirmed significant increased demand for village homes and an even greater demand for rural locations with no near neighbours.
All three regional offices reported an increase in registered buyers from London, with 62% of new applicants in the country coming from London and the South East, compared to 21% last year.
However, average values have slipped by 1.4% in the East Midlands, including Nottinghamshire, Lincolnshire and Leicestershire. This is slightly better than the 1.7% reported nationally in May earlier this year.
Mount & Minster have predicted that activity will remain buoyant over the next few months, particularly with the pending recession helping reduce the gap for up-sizers, as well as in increase in unemployment forcing some households to move home.
Ralph Wyrley-Birch, Senior Partner, said: “This significant increase in market activity has been fuelled by pent up demand, as well as a change in psychology as to how workers and the self-employed envisage day-to-day working locations. All of a sudden, buyers are seeking a home office or study. It's interesting how buyers are also increasing their search requirements by one extra bedroom, most likely to accommodate a work space.
“However, we are having to ensure vendors are also realistic. Buyers are aware of the uncertainty a recession brings to the market and therefore the figures being offered and agreed are not record breaking. However, we anticipate a lack of supply over the coming months will bolster the foundations of the mid-market as an increase in demand will result in multiple buyers competing against one another to secure what is made available by motivated sellers.”