Please see below an overview of a date range of key activity within the sales and lettings market, looking at a snapshot of 21st May until 31st May and then 1st June until the 10th June.
· Applicant Registration Up 202%
· Viewings up 76%
· Offers up 21%
· New Instructions up 13%
· Tenant Registration up 385%
· Viewings up 246%
· Offers up 183%
· New Instructions up 50%
These figures are based upon our own internal monitoring system and we are really happy that a lot of the viewings are now being filtered by Property Video Tours first. This applies to both sales and lettings, giving us a combined average of a 1 in 4 viewing to offer ratio, which has been halved compared to before which was a combined 1-8. Demand short term is certainly outweighing supply and giving some comfort for the now, at least whilst this phased process of lockdown continues. What the future looks like when the country understands the real impact of the financial burden on our economy is still unclear, but what we do know is that demand is really strong and has kept growing over a 20 day period. Longer-term any impact on the housing market will always be boosted in different ways with short term benefits to buyers. The question still remains, will this be a boom period and will we see what looks so unachievable, a double in house prices over the coming years?
From a lettings perspective, demand is actually already ahead of where it was this time last year and new instructions from fresh landlords are constant. The issue for the lettings sector currently, and understandably so, is very much based around tenants needing to remain in a property rather than moving. This is great news for existing landlords but bad news for tenants who are looking.
Quarter 3 for any lettings business is always the busiest time of the year, so very much unlike residential sales, lettings have a really positive period of time ahead subject to new instructions coming available to the market.
Should you wish to discuss the figures or different sectors please contact Roberto Contreras Head of Sales and Michael Gallagher Head of Lettings.
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