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Blog June 29, 2020
     

Over two thirds of buyers still planning property purchase this year

According to the latest industry research, over two-thirds of buyers still plan to purchase a property this year, despite the impact the Coronavirus pandemic has had on the market and economy.

Experts were concerned when the housing market first reopened that it would struggle, but so far it’s shown a remarkable recovery, with Zoopla this week predicting that the trend will continue well into the next quarter.

The poll by homebuilder Miller Homes has confirmed that purchases are still very much the focus, with a large number of buyers hoping to move much faster than expected.

The company polled 750 potential property buyers. It found that more than two-thirds of buyers (69 per cent) are determined to get moving and still hope to do so in 2020, despite the market uncertainty.

Lockdown has cemented some buyer’s plans even further, with 36 per cent of buyers hoping to move by the end of the summer.

Chris Endsor, Chief Executive Officer at Miller Homes, believed the results of the poll were promising and the buyers’ plans to move this year could be critical to the speed of the housing market’s recovery.

He said: “It’s encouraging to see that so many people are still keen to push forward with their property plans as soon as possible.

“With everyone spending so much more time at home during the lockdown, many people will have taken the opportunity to re-evaluate their current living arrangements and this may prompt increased interest in moving home.

“Whilst circumstances for many may have changed, for example, personal finances, work routine or family life, it’s likely these changes will be key factors in what they’re now looking for in their new home; however it's clear these have not detracted from that desire to find the right property.”

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Over two thirds of buyers still planning property purchase this year