Throughout May the property market continued to display remarkable resilience as we traded through a most unusual set of conditions and a turbulent economic outlook. Having covered the real estate sector for more than 20 years, we can’t recall a time when there’s been such a clear division of opinion about the future prospects for property and the overall economy. There has been no shortage of alarmist predictions which tend to grab headlines while more sensible reporting is often buried deeper in the media. Having dissected media articles throughout COVID-19, our assessment is that the vast majority are fixated on scaremongering and driving ad revenue through click bait rather than providing meaningful analysis and guidance.

Moving away from the media headlines, our local property market has stood up remarkably well. Newly listed properties did tighten as fewer people looked to enter the market with so much uncertainty, yet many who made the decision to sell during May had a pleasant and successful selling experience. We recorded many instances of buyers placing offers moments after the first inspection and a high degree of urgency to move forward with a purchase was generally evident. The lower volume of new listings contributed to the increased buyer competition but there was also something deeper at play. A good dose of positivity and a willingness to progress were key traits we detected from the array of conversations we had with prospective buyers during the month.

The refreshing attitude we’ve seen in the market may be the result of personal reflection during the isolation period or perhaps it’s the result of restrictions being lifted and life slowly returning to some semblance of normality. Either way, whatever we saw during May was in complete contrast to what was being reported in the media. By no means are we out of the woods yet and the vast majority of us have felt the economic downturn but May has shown that life forges forward. For our property sector, we saw people still wanting to progress for a range of reasons and we can see from increased online enquiry and foot traffic at our open home inspections that many continue to view the areas we service as the ideal place to call home.

May Signature Performers

Posted in Uncategorized on 1st June, 2020