What does the property market look like this summer?

• Posted onJuly 7, 2020

The day that the Prime Minster asked us all to stay at homes seems a long time ago now, even though it was only around 100 days ago.

The effects on those of us in the property market were pretty tough.  Many transactions ground to a halt or were cancelled entirely.  Only people in very specific circumstances could move i.e. if they were moving to an empty property and most developers stopped building.

Then came the day in mid-May when the property market was allowed to reopen.  Many of us expected a slow re-start as there were complications that needed to be overcome – there was a huge backlog of surveys that needed to be undertaken, lenders were being more cautious with their lending criteria and buyers and sellers were nervous about exchanging – what if someone in the chain experienced symptoms and delays were faced due to the need to self-isolate?

What happened couldn’t have been more different, while the adversities remained, the property market has boomed.  Sales are above pre-lockdown levels, house prices have, in the most part, held and viewings both in person and virtual are through the roof.  It is better than we could have expected and long may it continue.

So what has life for the residential property team at WSP Solicitors been like?  The same as the majority of other firms many of our team were furloughed near the beginning of lockdown due to the blip in the market.  Our more senior fee earners continued working from home to help with those transactions that could move forward.  Since mid-May we have steadily brought our team back to ensure that we are offering our clients the best service at all times.

During June we saw a huge increase in instructions compared to the levels seen in April and May.  Early indications show that July will be even stronger.  It is great to be part of the buoyant Gloucestershire property market.

WSP Solicitors are here and more ready than ever to help you with your transaction. We are set up remotely to continue to provide clients with a seamless service and we have made our offices safe with a range of measures you can read about here.

You can read more about our Residential Property and Conveyancing services here. Please get in touch today to discuss all your legal needs. You can fill in the form on the sidebar of this page and someone will get back to you, or you can call us directly on 01453 847200