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Rightmove’s latest statistics reveal things are looking up for the property market

Rightmove’s latest statistics reveal things are looking up for the property market

Rightmove last week recorded its busiest ever day due to increased demand for property following the reopening of the housing market in May.

The firm said it saw six million visits to its website last Wednesday, 18% above the figure it recorded on the same day last year, while it found evidence that a significant number of those looking to buy had made the decision to move during lockdown.

However, this wasn’t just casual browsing traffic. Rightmove also experienced a record level of people phoning and emailing agents through the site.

There has been a lot of speculation about how the property market would bounce back following lockdown. However, it appears not to have dampened property demand, as the Rightmove statistics show a wave of released pent-up demand.

While Rightmove reported that coastal areas of Cornwall, Devon and Bournemouth are seeing the biggest jump in buyer interest, Northern locations such Warrington, Manchester and Wigan, along with areas across Yorkshire & the North East, are also seeing a growing demand, some with a 15% increase on last year.

Here at Pugh, the picture has been a similar one. However, even before the market reopened in mid-May, we continued to see a strong appetite and resilience in our online auction offering. In our April and May auctions we raised over £5.1 million on behalf of our clients and joint agents and saw fierce competition for a number of lots.

While website traffic dipped slightly after lockdown, we were still receiving over 42,000 web visits a month and web activity remained high, with an average of 600 enquiries being received every month.

We are now starting to see a further increase in this activity, with interest and enquiries growing for our upcoming July and September auctions. We have a database of over 40,000 active property professionals, many of whom are looking to buy. So, if you have property or land to sell, contact us today for a FREE auction appraisal.

We have a national office network meaning we can sell any property, anywhere. Simply follow this link for a FREE auction appraisal or click here to contact your local office.

Written on 2nd June 2020