Records broken in first full month since lockdown lifted

Supply and demand have surged since lockdown restrictions were eased, the uncertainty is how long it can last
Written By:
Tom Bill, Knight Frank
2 minutes to read

The number of offers accepted by sellers hit a record level in June, in a further sign that traction has returned to UK property markets since the lockdown was lifted.

The figure was 46% higher than the second highest month on record, which was March this year, underlining how the property market has picked up where it left off before the Coronavirus pandemic struck. Knight Frank records go back 20 years.

“A large number of buyers registered their interest after an eight-week lockdown but what’s happening is bigger than that,” said Tom Bill, head of UK residential research at Knight Frank. “Sellers are coming back in meaningful numbers and deals are being agreed at record rates. You can question how long it will last but right now the market is as robust as it has been in years.”

The property market has recovered quickly since it was re-opened on 13 May, despite the fact social distancing rules remain in place.

However, there are doubts around the longer-term economic performance of the UK as well as the impact of any second wave of Covid-19. The announcement of a stamp duty holiday last week is designed to boost the housing market and wider economy in the face of such uncertainty.

As well as a record number of offers accepted, June was also the second highest month on record for new instructions to sell, underlining how the recovery is not purely demand-led. It was the tenth highest month for new prospective buyers. This was one place below January 2020, which benefitted from a bounce in demand following the election of a majority government in December.

It was the 16th highest month recorded for viewings and the top-performing month this year, despite the rules around social distancing and personal protective equipment.

Outside London, June 2020 was:
The highest month on record for offers accepted
The second highest month on record for viewings
The third highest month on record for new instructions to sell

In London, June 2020 was:
The second highest month on record for new prospective buyers
The fourth highest month for offers accepted
The seventh highest month for new instructions to sell

The regional breakdown underlines that current levels of activity are particularly strong in UK regional markets as buyers seek more outdoor space following the lockdown. However, strong buyer registration figures in London suggest that deal activity in the capital will get stronger.