There are more signs that the housing market is bouncing back as Rightmove recorded their busiest day ever last week.
The property website announced that it received six million visits last Wednesday, which was 18% above the figure it recorded on the same day last year.
Lockdown seems to be driving demand
May has been a positive month for the housing market as it opened up after effectively being closed since the start of lockdown in March. Virtual viewings and valuations have allowed the market to continue whilst adhering to the lockdown and social distancing measures that are still in place. And lockdown has appeared to increase demand for homes in more rural locations, as according to Rightmove, postcodes in Kent, Cornwall and Bournemouth have seen the biggest spikes in demand.
And whilst it would have been fairly accurate to assume that people may have been reluctant to buy or sell in this climate, Rightmove revealed that more than 5% of those visiting its website were people who had no plans to move prior to lockdown, but had changed their mind during the period.
However, the number of sales being agreed is taking some time to recover, with the figure still 47% down on the same time last year as the industry deals with a backlog and gets back to full capacity.
Getting help from a mortgage broker
Here at TaylorMade, we’ve been getting lots of questions from people who have concerns about getting a mortgage or remortgaging during the coronavirus pandemic. Many have been worried about whether being furloughed will affect their chance of getting a good mortgage deal, and we’ve tried to keep our customers up to date with the fluctuating mortgage rates as best we can.
If you’re looking to remortgage we can provide you with expert remortgaging advice and help you find the very best deal on the market. We know that the coronavirus pandemic has forced people to reevaluate their finances and many are looking to free up some extra cash to get them through this time. If you’re coming to the end of your fixed-term you’re in a good position to get a better deal. Contact us today and we’ll be more than happy to discuss your options.
