The 海角视频’s property market has taken a huge hit since the pandemic as many home buyers and sellers put plans to move on hold.
But two local businesses are now seeing the first signs of confidence returning to the sector with a surge in house purchase instructions and sale enquiries in recent weeks.
Law firm Slater Heelis, which has offices in Sale, Timperley and Manchester city centre, has seen enquiries return to almost pre-coronavirus levels in May following the almost complete shutdown of new enquiries in April.
Zara Banday, partner & head of residential property at Slater Heelis, said: “We have certainly seen an upswing in enquires in the past fortnight with levels hopefully heading towards pre-lockdown levels.
“Residential markets tend to be fuelled by confidence and we certainly see positive signs of a market bounce emerging in the North West and beyond.”
She continued: “The lockdown affected the residential market in a number of ways with transactions unable to complete and exchange of contracts on hold due to the logistical blockage on moving house whilst maintaining social distancing.
“Viewings were also impossible during this period and were among the first raft of lockdown changes brought in by the government.
“Sales could be progressed through land searches and conveyancing as many solicitors have maintained services through remote working.
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"However, market uncertainty has been a likely cause of market freeze."
Following the reintroduction of viewings by the government in recent weeks, Manchester estate agents, Thornley Groves has seen an increased demand for virtual viewings leading to more than 250 physical viewings taking place whilst observing social distancing guidelines.
The estate agent has also experienced a high retention in sales, as buyers and sellers maintain their sales, a “promising sign for all parties involved.”
The number of registered buyers has also doubled each week for the past three weeks, Thornley Groves said.
This has resulted in a 300 per cent increase, showing that lockdown has given buyers time to research the market, signalling a kickstart.
Matthew Smith, sales and lettings director at Thornley Groves, said early signs of the market bouncing back were “promising.”
“Our data shows that the level of interest in residential property is now back at pre-lockdown levels, and is also up almost a fifth year-on-year, both in March and May,” he said.
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“Buyers have had the chance to ponder their purchase during lockdown, and now measures are eased, and viewings have returned, they are acting on their decision to make the move.
“A more significant move to virtual viewings to comply with government guidelines has also allowed buyers to get a better feel for a greater number of properties, and means the sales process has been made quicker, as we get closer to a normal level of business operation post-lockdown.
“Consumer confidence is still high and buyers haven’t been put off moving, as the reasons for their intended move still exist despite the pandemic.”
Tim Heatley, co-founder Capita&Centric, have also seen an uptick in enquiries and reservations, mainly from first-time buyers.
“The headlines might be full of stories about falling house prices and a drop in sales but we’ve seen the opposite,” he said.
“Since lockdown we’ve reserved £3.5m of and Crusader in Piccadilly East.
“Most of us have had a lot more time at home so bigger rooms and outdoor space are high up the priority list. With interest rates at an all time low we’ve also seen tons of interest from first time buyers looking to invest in an up and coming area.”
Zara agrees the pandemic has allowed people to reflect on their current situation.
“Many have come to the conclusion that they need additional, or in some cases separate, living space,” she said.
“It’s likely that lockdown, or some form of flexible home working is going to continue for some time for a great many people and we’re seeing more people looking for larger properties, or properties with development potential, to allow for the creation of better homeworking facilities.
“It is also a sad fact of the pandemic situation that probate sales will rise as bereaved families settle the affairs of their loved ones.”
The positive signs are welcome news for the sector which plays such a pivotal role in the nation’s economic activity. However, it is far from certain that the market has put the lockdown shock behind it entirely.
Data for Greater Manchester from Rightmove shows that detail views for property are now back at the same level it was pre-lockdown, in early March and that both these levels of online views are 16 per cent higher than the same time last year.
“Buyers will typically view properties online multiple times, so the uplift in online views is an early indicator of increasing demand.
“The introduction of the highly speculated stamp duty holiday from the Government would stimulate the market and kick start sales in larger homes, in the North West, with stamp duty on a home worth £500,000 costing as much as £50,000,” Zara said.