Back to the blogs list
Categories Market Comment

Open For Business

The housing market has been an obvious casualty of the Coronavirus lockdown. Yet the desire to move, once the decision has been made, is strong. Indeed, as soon as the government announced that people could once again move house, Rightmove buyer and let enquiries doubled within 24 hours. They were even 4% higher than the same day last year!

The problem is that this demand is not being matched by properties coming to market in Watford. Estate Agents have generally not been able to list properties over the past month and the tight social distancing regime continues to be a challenge.

However, I have been amazed at how flexible and innovative local landlords have been. Many, keen to prepare for the deluge, have worked with us helping to provide entertaining virtual walk-throughs which have given us a pretty good indication of the type of property we’ll be preparing to market.

I’m expecting momentum to build over the coming weeks and months, especially as there is unlikely to be any summer holiday lull this year! Those whose plans have been unaffected by the pandemic are leading the charge here, but there will of course be virus-related moves as well, which could help fuel the market. For example, additional sales may be created as a result of:

a) Job losses (sadly), prompting people to consider moving as they pursue other opportunities.

b) New jobs being created as businesses reappraise their efficiencies and locations.

c) People realising that working from home has worked well for them – but a bit more space would really help.

d) Frustrated family members, pulling their hair out under lockdown, deciding to buy a place of their own or find another property to rent

e) Buyers locking-in a low interest rates before any potential hike

Certainly, space to work from home will now command a premium – even potentially replacing proximity to transport links as a must-have attribute!

So please don’t wait “until the coast is clear” (it may never be!). If a move is on the cards please do call us to talk through how we can help you take advantage of this unexpected increase in demand over supply. 

©Copyright Richard Rawlings 2020 except where excluded under licence