Demand for newly built properties increases

Zoopla’s research has found that demand for new construction has recovered by 66% since the property market reopened on May 13.

Demand rebounded across the country, with the Northeast posting a rebound of 139%, the West Midlands 121%, and the East Midlands 108%.

Persimmon Homes, one of the UK’s largest homebuilders, reported a 215% monthly increase in demand monthly through potential buyers from Zoopla.

“Demand has been higher than we expected”

Mark Cook, the group’s director of sales and marketing, Persimmon Homes, said: “Since the market reopened, buyer demand has picked up at a remarkable rate.”

“We believe this bodes well for the coming weeks and months, and we look forward to helping more buyers, from beginners to resellers, find their dream home.”

“However, things are still far from perfect. The recovery has been faster than we expected, but it does not mean that everything is already solved. I even dare to say that we must work harder than before; it is the only way to make sure the market can fully recover.”

“Buyers are coming back, they have money, and they want new, newly built properties, they know that it is the best way to invest their money and that the same investment will continue to grow over the years. It is the best decision they can make right now.”

The market is recovering better than expected

Notably, Wales recorded a 74% pickup in demand after an initial drop from early March to June 21, despite its market not reopening until June 22.

In Scotland, although the market did not reopen until June 29, the rebound in demand for new homes recovered by 33% during the same period.

While resale properties have also seen a significant recovery in demand, the rebound only reached 46% in the week through June 21.

First-time buyers drive a significant proportion of the demand for new homes. This may be based on the fact that first-time buyers want to acquire a property that will last a lifetime.

While demand from new homebuyers for new homes fell -68% between March 8 and April 5, it has since recovered 87% in the period through June 21.

HICH LTD continues to work to offer the best property survey service, before, during, and after the pandemic; we have redoubled our efforts to maintain the quality standard that has made us a leading property survey company.