Shrewsbury Estate Agent says a ‘maxi-house boom’ is taking place

Co -Director of Samuel Wood Estate Agency in Shropshire says the housing market is experiencing more of a ‘maxi’ than a ‘mini ‘boom.

Since the end of national lockdown, pent up demand in the market has caused a huge spike in property sales and letting.

Russell Griffin, who is also the Regional Executive on the Propertymark National Association of Estate Agents Board, said: “Mini booms occur when there is above average activity. Maxi booms happen when buyers are queueing up, there are multiple offers for most properties on the market and deals regularly go to best and final offers only to exceed the original guide prices. This is what we are currently experiencing.

“The lettings sector been left out of this market frenzy, there is enormous demand for rental properties too.

“Since the general lockdown ended our phones have been practically ringing off the hook and the numbers of visitors to our website and social media pages have skyrocketed. We literally have buyers waiting for properties in many postcodes and areas across the county.”

Mr Griffin said that many things have changed since the pandemic hit our lives, and one of these changes is in the attitude many of us now have to how and where we live.

“A demand for more spacious and environmentally healthy living is driving the market, spurred on by a temporary reduction in stamp duty that has not only helped many second and third step buyers, but also has galvanised buy-to-let purchasers,” he said.

According to Rightmove, the number of buyers in July was up 66% compared to July last year as the delayed spring market continued into summer.

The popularity of rural towns and villages is also seeing an uplift according to Rightmove.

City residents contacting estate agents to buy a home in a village rose by 126% in June and July compared to the same period last year, outperforming a 68% uplift from people in cities enquiring to towns.

“As we head into late summer amidst all these changes our phones are still ringing and there is no let-up in demand. We don’t know how long this surge in demand for property will last, but for buyers and sellers right now it is a maxi-boom market.”