The first official report showing the effect of the Coronavirus crisis on the property market has arrived within the latest monthly report from the Land Registry.
Its regular dashboard, which records activity among solicitors and conveyancers on its website, shows overall activity down 10% year-on-year for March, while activity specific to house sales dipped by 25%.
The Land Registry’s figures can be a harbinger of what’s to come in the property market in the coming weeks and months as its activity data is driven by solicitors getting property sales ready for exchange.
This data also shows that the activity slowdown on the Land Registry website varies from region to region with the South East (-13%), London (-15%) and Wales (-18%) showing the most severe slowdowns, although every region has seen a drop of some kind.
Despite these figures, other market data shows a pick-up in the number of vendor and buyer sales enquiries arriving via estate agents websites, highlighting how, although transactions are fast coming to a halt now, there will be a burst in activity once the lockdown is ended.
Reasons to be cheerful
Yomdel says its research shows new vendor enquiries up by 32% over the past fortnight, buyer enquiries up by 24% and landlord enquiries up by 38%.
“The message is unequivocal, now is not the time to keep your head down and wait for the crisis to pass,” says Andy Soloman, CEO of Yomdel.
“Customers are there, and the best estate agents will be looking for ways to help people, build trust and relationships so that as restrictions ease they’ll be in prime position.”