There have been more twists and turns in the first half of 2020 than on a roller coaster. But, we now appear to be emerging from the COVID-19 lockdown relatively unscathed. Following two months of inactivity, the housing market is showing signs of bouncing back, with a pick-up in approvals, sales and price growth.
-Strong start to 2020 for the residential property market
-Sales fell by around a half and approvals sank to an all-time low in May
-Mortgage approvals increased fourfold in June and property prices increased by 1.7% in July
-The CBRE experience mirrors wider trends, with the market now stronger than June 2019
-Stamp duty holiday announced on 8 July is a welcome incentive, with 9 out of 10 sales now being exempt from this levy
-There will be fewer new build completions in the next few years, with many developers reporting capacity at around 60-70% due to social distancing rules