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BOUNCE BACK: More properties are now ‘under offer’ than exchanging or completing

Data from proptech firm Coadjute shows first signs of rising activity in the viewings, property listings and 'under offer' parts of the market.

Nigel Lewis

home under offer

Housing market data published this morning reveals that the number of homes under offer has overtaken those at exchange or moving to completion for the first time since the Coronavirus crisis struck.

Covering the past seven days, the data points to a normality – of a sort – returning to the property market as fresh offers and stock floods into the front end of the market.

Gathered by property technology company Coadjute for its Property Market Insights report from data provided by the industry’s leading software companies, it shows a week-on-week 111% increasing in viewings, 58% increase in those registering for updates and an extraordinary 67% increase in properties being registered for sale.

At the back end of the market, there was a 41% increase in exchanges and 34% increase in completions.

This surge in activity is also seen in the conveyancing data with a rise in the number of cases listed and the number of quotes provided doubling over the last week.

Coadjute believes that its data clearly shows the industry is adapting with continuing signs of recovering in all aspects of the buying and selling process, but notes that most of the totals remain below market norms.

Dan Salmons, CEO at Coadjute (left) says “This report shows how rapidly the housing market is now returning.

“In a week when the government called for the use of digital tools in the property market to get the economy going, we applaud how rapidly estate agents and other parties are adopting new digital approaches to make this possible.

“Our mission at Coadjute is to help the property market transform digitally, and we welcome the housing minister’s encouragement to use blockchain technologies to accelerate the process.”

May 29, 2020

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