Latest data on housing market activity indicates a rebound across the UK, with agreed sales up 4% since pre-lockdown levels in early March.
Driven by buyer demand and low availability of housing stock, cities in Northern England, including Leeds, Sheffield and Manchester, have seen the strongest growth in agreed sales, when compared to February 2020.
Buyer demand in May was 46% higher than in early March, when demand for housing fell by 70%. This resurgence can be explained by pent-up demand over the three months when the housing market was effectively put 'on pause'.
There remains a great deal of uncertainty as to how the housing market will fare over the remainder of 2020 and is obviously dependent on the wider economic picture. We aim to keep you updated on developments.
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