Property Browsing bounces back across the UK after Coronavirus Outbreak
Since the outbreak of the coronavirus pandemic, a range of businesses have been adversely impacted. The Property Sector is one area this pandemic has greatly affected. We notice now as the spread of the virus starts to reduce, home buyers and sellers in the UK are increasingly browsing about property again, showing their preparations to move when the lockdown is lifted. The increased browsing shines a positive light onto the property market with the hope it can withstand the changes and hurdles bought about by the pandemic.
It is no surprise that in March the number of people browsing properties for sale declined significantly due to coronavirus. During April the levels began rising again as prospective buyers started exploring various options to undertake after the pandemic. In May, as people tend to adjust and adapt to the operations during lockdown, browsing decreased by half. The region with the highest browsing activity in the UK is of course still London. Within the first three weeks of March, London recorded a decline in browsing levels by over 40%. In contrast, as March ended, the online activity began to rise again and by 26 April, an increase of 20% in browsing activity had been realised.
Another region where property buyers have been seen to adapt to the situation in North West England, which has recorded an increase of 44% in browsing activity after the fall in March. In comparison to the high levels when March began, browsing activity is now only 23% lower. The Midlands is the region with the lowest browsing levels but activity has picked up within the last month. One of the reasons for the low browsing activity in the Midlands is economic instability, which tends to drive homeowners away to other economically stable regions like London.
Looking at properties during the lockdown brings a much-needed sense of distraction. The listings of property for sale has only dropped by 4% since March. Thanks to online platforms and virtual viewings prepared by agents people can still plan and hope for a safe future moving forward. Due to lockdown property sales have of course been delayed. The high demand depicted by increased browsing shows that the demand for property will rise after restrictions are lessened. A large number of homes are expected to be brought into the market when agents begin opening their offices again. Thankfully as we can see from the browsing figures homeowners and buyers are preparing for operational activities after the lockdown.