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House sales increased by 76% last week after housing market re-opened

Activity dials for almost every part of the sales market increased dramatically as agents return to work and house moves resume.

Nigel Lewis

house sales

House sales data from the first week of trading since the housing market reopened has been published this morning and almost every part of the market saw increased activity from enquiries through to exchanges.

This includes a 38% week-on-week increase in leads, a 76% increase in house sales and a 19% increase in exchanges.

But the largest increase has come from physical viewing bookings which jumped by 188%. This is not surprising given that the week before they had been largely prohibited, and viewings remain way off their peak before the housing market shut-down.

All these figures come from the industry data group formed by blockchain-based proptech firm Coadjute, which says the latent demand it recorded two weeks ago before house moves ere given the green light is now funnelling through into the market.

Completions drop

Only one area saw falling levels activity; sale completions declined by 8% last week, suggesting that the funnel of delayed or frozen exchanges has yet to turn into completions.

“We have said for a while that the market was revving with the handbrake on, and now we are seeing the effect of starting to ease it off,” says Coadjute CEO Dan Salmons (left).

“Whilst we can’t tell what the final speed will be yet, we’re encouraged by the signs we are seeing.”

But although Coadjute and its industry partners including MRI, DezRez and Reapit are heartened by the activity in the front end of the pipeline, Salmons points out that most of the indicators remain well below market norms.

Read more about last week’s Coadjute housing market snapshot.

May 21, 2020

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