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Are house prices still dropping?
After the pandemic and the lockdown that was implemented, the housing market came to a complete stop, causing huge concern for homeowners not knowing where they stood. With prices dropping throughout May and June, the housing market is in a difficult time and is facing more drops in the current months.
At the start of the lockdown, the biggest question on a lot of homeowner's minds was what would happen to their property value. With the country at a standstill throughout May and most of June, the expectation was for prices to decrease, but by how much was undecided. We Buy Any House have examined the previous few months and the drop that the property market has experienced, for you to see in simple terms.
In May, average house prices dropped by 1.7%. In June, there was another drop of 1.4%, suggesting another potential decline in July while restrictions are still in place and millions struggle with the financial aftermath of the coronavirus outbreak. Prices have been increasing steadily for a long time previous to the lockdown, and the declines that we’ve seen in May and June are the biggest declines that the market has experienced since the financial crash in 2009.
The decrease of over 3% across the two months has also meant that prices are now 0.1% lower than they were this time last year, marking it as the first annual decrease in house prices since 2001, leaving homeowners concerned about their house value and what the coming months will bring.
Should I still sell with prices dropping?
If you were looking to sell your house before the strike of the pandemic, now is the time to act. The property market has started to open again, meaning sales can go ahead. Acting now will mean you as a homeowner can avoid the inevitable drop that will continue through the coming months, letting you sell now for the best price you can. If you want to sell your house now and avoid the difficulties that homeowners are likely to face when selling in six months’ time, get in touch with We Buy Any House today.
Will the ease of lockdown make selling easier again?
As the lockdown restrictions are constantly changing, it’s hard to say what the future will bring. More establishments are starting to reopen, including the majority of the property sector. However, this is subject to change, as we’ve seen with the city of Leicester. No-one can guarantee what the coming weeks will bring, and the Prime Minister has confirmed that the restrictions will be put back in place if the infection rate starts to rise again. This means that while the market is currently starting to get somewhat back to normal, this could change at any point and make selling on the open market as difficult as it was during the lockdown.
Because of the uncertainty of the market and the restrictions that could be put back in place if the risk level changes, homeowners that want to sell their house now should start the process now before prices drop further and to avoid a potential second lockdown. Homeowners that were looking to sell in the next year or so have chosen to bring the move forward, to avoid the future drops in house prices that are expected.
Are homeowners still looking to move?
Currently, the market is a buyer’s market, with more properties coming on the market each day. There are several reasons for this; some sellers who were delayed by the lockdown are now able to put their house up for sale, some who have been thinking about selling in the near future but are now wanting to avoid any further drops in house value. Some homeowners are simply looking to sell after spending so much time in their houses during the lockdown that they’ve fallen out of love with their home, and are ready for a change. Regardless of the motivation to sell, the market is still open for homeowners looking to sell their house.
Can I sell my house now?
Through the lockdown, while it was more complicated than it would have been previously, you were still able to sell your house, so now restrictions are lifting house sales can certainly go forward. There may still be some changes that you will need to consider in place – for example, while estate agents are now able to host viewings, there are very strict conditions in place to keep everyone present safe. Social distancing measures are still necessary, and PPE should be worn at all times, along with the agent cleaning the property thoroughly between each viewing. Some agents are still operating under video viewings only, but this will differ place to place, so make sure that you ask if you’re looking to buy or sell, so you know what the agent you’re looking to move forward with is currently doing.
Selling a house can take, on average, six months, which is a long time but especially in the uncertain climate that we’re currently in. If you’re not in a position to wait that long, or simply aren’t comfortable with the rigmarole of selling your house with a traditional estate agent, we’re here to help. We can help you achieve your sale in as little as 7 days, and provide you with a free cash offer today for your property. Get in touch with us now and see how we can help you get your house sold quickly, easily, and safely.