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london, luxury property

Change Is Happening: Watch the Video

18.06.20

“So little has been able to happen, yet so much has changed in the property market,” says buying agency Garrington in its video appraisal of the  post-lockdown market. “The only certainty at the moment is that change is happening, and at a pace and scale never seen before.”

“To many people’s surprise, the English property market has been exceptionally brisk over recent weeks,” explains the firm’s pundit Catherine King. “Weeks of reflection, and being cooped up in the same four walls, have led some to decide that what they want from their home has changed.” Some sales agents are seeing business levels back to around 60% compared to last year, with a fourfold increase in applicant registrations since the property market re-opened on 13th May – although actual sales rate are still lagging behind.

“Accelerating regional disparities mean that depending on location, property type and price, it is both a buyer’s and a seller’s market,” says King. “England’s post-lockdown bounce in activity may ease, but for now it is running on a combination of pent-up demand and a period of rapid transition.”

As reported by other firms, there has been a clear shift in what prospective buyers want from a new home. “Science tells us that habits and norms are formed after repeating something for 66 days,” suggests King. “The huge amount of working from home looks to be one of the lasting norms for many workers and as such, a dedicated space for working sits high on the list of requirements for many buyers – aligned with excellent internet speeds.” Decent outside space has also become more vital for many.

Garrington itself is reporting “strong demand” from new clients for a “switch of lifestyle” and/or for an additional property. “We believe that this is not just a short term blip, but more of an intensification of a trend we previously reported in our prime movers report last year,” says King “– albeit being buoyed by a different set of drivers.”

The buying agency has also noticed an upturn in buyers from Hong Kong, following the Prime Minister’s suggestion of some of the “biggest changes in our visa system in British history”.

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