Property instructions in April and May 2020 were down 90% and 73% respectively on the equivalent months in 2019, but June saw a significant rebound, with instructions down just 26% on the corresponding month last year, and up 178% on May 2020.
Data published by property group Andrews showed that viewings also bounced back sharply in June, up 373% on May 2020 as prospective buyers returned in greater volumes following the lockdown put in place as a result of COVID-19.
Andrews Property Group group chief executive David Westgate commented:“The second quarter of 2020 was the most surreal in the property market’s history, with instructions and viewings at almost zero in April and then rebounding sharply in May and June as the pent-up demand accumulated during lockdown was unleashed on the industry.
“The first half of July has seen activity levels accelerate further and this looks set to continue given the stamp duty holiday announced by the Chancellor last week. Clearly there remains a lot of economic uncertainty but whatever the short term obstacles may be, there is no doubt that the government is very focused on getting all of our lives back on track; equally, history tells us that property will bounce back and so engaging in the sector should always be seen as a medium- to long-term activity.”
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