Property Market Update: November 2020
November 1, 2020

By Peter Lane & Partners

It seems yet again the pandemic has not been a deterrent to buyers and sellers determined to make the change.

Data from a national property portal shows a rise in sales activity in many rural areas and an increase in vendor activity from homeowners aged 45 and over. Recent data shows existing homeowners to be the largest group of home buyers this year, with 75% of those aged over 45. Despite traditional data reporting this group to move less often, it is thought that the impact of COVID-19 may have started to change this historic market trend.

It is predicted that following COVID-19 restrictions and the introduction of flexible working opportunities, people are likely to start reassessing their lives and shape the ongoing shift in trends for housing supply and demand throughout the UK.

Additionally, reassessment among many homeowners about how and where they live in the wake of lockdown means between June and September the sales market witnessed a significant increase of 31% in sales agreed in rural areas, compared to an 18% rise in urban areas.

Despite the likelihood of difficult economic times ahead, predictions of a major decline in UK house prices is unlikely, with a house price growth increase of 2-3% predicted by the end of the year.