The property market has revived sufficiently to be just 19% off its pre-Coronavirus activity levels, it has been revealed.
This is the latest research from the industry data coalition formed by proptech firm Coadjute which points to market activity continuing to ramp up four weeks after the government announced home moving could recommence.
This includes a 36% increase in viewings last week and a 1014% increase compared to four weeks ago.
The conveyancing workload also continues to ramp up, Coadjute says, rising by just under 100% week-on-week.
Also, last week sales enquiries increased by 16% and properties registered for sale were up by 36%. Coadjute also says that the ‘pent up demand’ many talked about has now reached the offer stage of the sales pipeline.
“I don’t think this is a blip,” says Dan Salmons, its CEO (left). “What we’re seeing in the data is partly people who were going to move now catching up on their missed activity but also a wave of new activity as people review their lives, their priorities and their finances post lockdown.
“They’ve remembered they always said they’d get that bigger flat, move somewhere more rural, get away from that main road.
“They’ve looked at their finances and reflected that they really could spend more, or perhaps need to spend less to feel secure. There’s no doubt about it, this week the property market is back, and the market realist recovering.”