The gradual reopening of the UK housing market over the past 2 ½ months had a dramatic result on activity – whilst it remains to be seen how much of this was due to pent-up demand, most observers are surprised by the persistence of the rebound which now has extra momentum with the Stamp Duty Holiday.

The property valuer for the TM home investor fund, CBRE, announced that the Material Valuation Uncertainty Clause will be removed for residential properties going forward. As a result, the Fund’s Authorised Corporate Director, Thesis Unit Trust Management, in conjunction with the Depositary NatWest Trustee and Depositary Services Limited have lifted the suspension of dealing in units in the TM home investor fund with immediate effect.

Activity in the English housing market continued to accelerate throughout June following its reopening mid-May, with estate agents, buyers, sellers, landlords, renters, lenders, and removal companies emerging from two months of hibernation. Wales saw a partial reopening on 22 June, with Scotland following, more cautiously, on 29 June. The initial bounce has been remarkable whilst the outlook on where the market will settle remains uncertain. As we are moving into the first post-lockdown phase, we are assessing the latest on house prices, rental demand, and supply of properties.

The unlocking of the English housing market led to an immediate uptick in online browsing and demand for sales as well as rentals.

One week after the reopening of the market, Rightmove reported demand for rental property being up 33% compared to this time last year, with Monday May 18th reporting the highest level of rental demand ever recorded in one day on Rightmove.

One of the defining elements of any evolving economic shock is the lag of reliable data – this is even more the case with the current combination of Covid-19 and a shock to oil prices. Both led to something far different from a “normal” recession, and a reliable picture of what the world looks like now will emerge only slowly over the coming weeks and months. Despite that, we are trying to work with what we have to give you the most appropriate snapshot on the UK residential property market at this point in time, and the performance of the TM home investor fund.