A recovery is ‘waiting in the wings’ as the property market slowly emerges from the Coronavirus lockdown, leading property software firm Reapit has claimed.
Data pulled from its Agency Cloud platform shows ‘promising’ and, given the extreme nature of the economic deep-freeze during the Coronavirus pandemic, extraordinary results.
“The sales pipeline is probably one of the most interesting aspects that has been monitored and what is extremely pleasing to see is the current resilience of the pipeline with only a drop of 6.6% of pipeline units pre-Covid,” its latest housing market report says.
It also reveals that property viewings are only 26% below pre-Covid levels and that applicant registrations are just 10.5% off their pre-pandemic mark. Perhaps more remarkably, combined internet enquiries for sales and lettings are 10.6% higher than their levels at the end of February.
Also, during the first two weeks following the market re-start, instructions have increased by 88%, valuations by 78%, and offers have returned to two-thirds of pre-lockdown levels.
“How many of these new instructions relate to prior covid valuations is uncertain, but early indications are that we are seeing a positive return to the housing market,” says Reapit’s report.
Gary Barker (left), Chief Executive Officer, Reapit, adds: “We support in excess of 30% of the UK’s property agency market, so we’re pleased to see a widespread pattern of growth and recovery taking place even before the lockdown was lifted.
“These are encouraging signs that the pent-up demand of over 450,000 buyers and renters, some of it pushing as far back as Brexit, is about to be released into the property market.”