Demand for housing is starting to increase in the UK, as the country comes to terms with the coronavirus pandemic.
UK Housing Demand research from property portal Zoopla.
Its monthly report revealed, that housing demand capitulated by 70% from the beginning of March up to the 29 March.
The decline was the steepest ever recorded by the property information company.
Since the start of April demand has picked up again.
Yet despite this rise in custom for houses, demand was 60% below the levels compared to the start of March.
This has mostly been propelled by online browsing, due to government lockdown restrictions.
Data Shows House Price Growth
Zoopla also revealed a year on year house price rise for March.
Annual house growth was pegged at 1.8%, in contrast to 1,2% for March last year.
Its too early to say just how far that coronavirus has damaged the housing market.
But the March monthly house price growth rate, was the lowest recorded this year at just 0.1%.
More Than 370,000 Sales Stalled
Zoopla estimated that more than 370,000 house sales could currently be stalled in some way.
While some of these sales might be completed later this year, overall sales could fall by 50% compared to 2019.
Richard Donnell, Zoopla’s director of research and insight, said he expected demand to rise when coronavirus restrictions were eased.
As demand has been building since there has been more certainty over Brexit.
Political instability had damaged market sentiment, Donnell explained.
Yet there is a long way to go before a return to typical levels of activity in the housing market.