Suffolk housing market bouncing back after coronavirus crisis
PUBLISHED: 16:30 25 August 2020 | UPDATED: 17:52 25 August 2020
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New data shows exactly how badly the coronavirus lockdown affected house sales in Norfolk and Suffolk earlier this year – but now the market is bouncing back.
According to a new report released by WeBuyAnyHome, the company received 33% fewer inquiries about house sales between January and May this year when compared to the same period in 2019.
In Norfolk, the drought in sales was far deeper than average – enquiries fell 106% below the national average.
This meant the county’s housing market was the second slowest in England – behind only Northumberland, where enquiries fell 130% below the national average.
In Suffolk, the drought dipped to 24% below the national average.
But estate agent Tim Dansie says that since the market reopened on May 12 business has picked up.
“At the beginning of the year – January and February – it wasn’t that dire,” said Mr Dansie of Jackson-Stops. “We had a market and we were working with it.
“Of course when lockdown came on March 23 that snuffed it out overnight. We still had a little bit on enquiry coming through, but that trailed off after seven and a half weeks of not a lot.
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“We then came back on May 12 – a date that will be emblazoned on my mind forever.
“I was expecting a wall of interest, but to start of with it was quiet.
“Within a week or ten days we had really started to get some momentum going and that has continued in what has been an extraordinarily busy and active market.”
Mr Dansie said this was the latest in a series of abnormal years for the property market.
“There’s been a lot of rocks tossed into the property pool over the last five years,” he said.
“We’ve had two elections, stamp duty changes, Brexit and now Covid-19.
“In a normal year, if one exists, you get a strong spring market then it runs through to the school holidays, before picking up again in September.
“But this year we have had a ridiculously busy July and August which never normally happens and there’s no sign yet of it tailing off going into Autumn.”
The WeBuyAnyHome data can be found here.
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