The property market is on track to be one of the major sectors of the economy least affected by the Coronavirus, it has been confirmed by blockchain-based industry data firm Coadjute.
Last week the government’s own figures pointed to this, saying the early re-opening of the housing market and property’s linchpin role in the wider economy were key factors.
The data from Coadjute, which takes its information from the three biggest property software companies MRI, Reapit and DezRez, confirms this.
“The property market is back,” says Dan Salmons, CEO of Coadjute.
Its Property Market Insight report shows that buyer registrations and sales enquiries are now at the same level as before the pandemic arrived, after the latter increased by 54% week-on-week.
At the back end of the market, there has also been a strong rise in sales activity and continued increases in exchanges and completions.
“The fact is, the need to move house didn’t go away during the crisis, and now that the property market is open for business again, buyers and sellers are rapidly returning in increasing numbers,” says Salmons.
“It’s a credit to people across the property industry how quickly they have been able to adapt to the changing environment”.
The only weak area of the market last week was sales completions, which were 11% down on pre-Covid levels. This is most likely due to the reduced volumes during the crisis now working their way through the pipeline.