Property market fears start to ease as buyers and sellers look to life after lockdown

Covid19 within Estate Agency

The latest update from GetAgent real-time market dashboard and homeowner sentiment survey has revealed that fears around the current pandemic and the market are starting to ease, as the first phase of lockdown restrictions are announced.

You can view the latest results here as well as finding the full story below.

Top takeaways from the latest data release: –

 

  • Two weeks ago, 42% of home sellers previously stated they were extremely concerned about the impact of the Coronavirus on their property sale. This has since dropped to just 33%.

 

  • 79% of home sellers also still plan to market their property within the next 12 months although 64% still believe their sale will be delayed between three and 12 months.

 

  • 43% of buyers said they would still not put an offer on a property in current market conditions, although this has dropped marginally from 46% two weeks ago.

 

  • Online listings reaching the market continue to sit at a post-lockdown peak of 2,000 or less a day compared to nearly 9,000 a day prior to lockdown.

 

  • However, the median number of web views a listing receives in the first three days of being on the market has spiked above and beyond levels seen prior to the lockdown; hitting a high of 272 per listing on 19th April.

 

  • There has also been a steady increase in Google searches for both key buyer and seller words and the indexed volume of new GetAgent home seller leads has also increased, now almost reaching the same levels as when the lockdown was implemented.

GetAgent’s dashboard shows what is happening, as it happens, based on a number of market metrics including the number of properties being listed, the average number of views each listing receives, the number of new leads and search volume for seller and buyer keywords. They have also released the latest update of their market sentiment survey of home sellers and estate agents, and their feelings towards current market conditions.

The ongoing impact of the lockdown remains clear with new listings reaching the market remaining low, reaching a peak of 2,009 a day in May so far, compared to a high of 8642 in February.

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However, the good news is buyer demand remains strong and when looking at the median number of web views a listing receives in the first three days of being on the market, activity has spiked above and beyond levels seen prior to the lockdown; hitting a high of 272 per listing on 19th April.

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There has also been a steady increase in Google searches for both key buyer and seller words and the indexed volume of new GetAgent home seller leads has also increased, now almost at the same levels as when the lockdown was implemented.

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When GetAgent.co.uk previously surveyed home sellers, 42% stated they were extremely concerned about the impact of the Coronavirus on their property sale. This has since dropped to just 33%.

79% of home sellers also still plan to market their property within the next 12 months although 64% still believe their sale will be delayed between three and 12 months.

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While online demand from prospective buyers has begun to build, 43% of buyers said they would still not put an offer on a property in current market conditions, although this has dropped marginally from 46% two weeks ago.

Estate agents’ concerns around the market have dropped from an average of 8.2 two weeks ago to just 7.6 now, but despite ongoing uncertainty, home sellers are still ranking their agents’ response to the crisis at 6.1 out of 10 on average.

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