COVID-19 Property Market Update

In these uncertain times I thought I would write a short note to let you all know how the property market is behaving during lockdown.

We have found the majority of buyers and sellers continue to really want their sales and purchases to go ahead, this despite the uncertainties and delays which the virus is causing. We are currently working on bringing 34 sales to a conclusion for our clients’  but are frustrated in having to wait for removal firms to return to work. Until they do it is not possible to set completion dates.

Enquiries via our website and Rightmove remain high across sales and lettings with clients wanting to view as soon as lockdown is over.

The question I am being asked daily, is ‘what will happen to the market once we are through the lockdown period’? My honest opinion is that nobody knows and I believe it will come down to length of the lockdown. If our industry is to re-open by mid-May as some suggest, then I think we will see a sharp ‘V’, quickly getting the market back to where it was before COVID19. I base this purely on the fact that buyers who are registering on our mailing list across our network of offices remain remarkably motivated. Home sellers here on the Suffolk Coast are very fortunate as demand is consistently strong due to the area’s popularity whilst supply is generally quite limited, not always the case in other parts of the country.

We currently have numerous home owners contacting us to discuss property values and we are always happy to discuss your property’s likely market value with you. Knowing the area as well as we do, we can do this over the phone whilst the lockdown continues, especially if with the help of some pictures of your home. If this is something you would like to discuss then please feel free to call me directly on my mobile number, 07757668345.

Paul Gray, Managing Director

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