Property technology company Coadjute reports suggests initial activity in the property sector in preparation for the market re-opening.
An industry group formed by Coadjute – the Blockchain leader in PropTech – of leading property sector software businesses suggests that the UK housing market is already showing signs of revival with daily average of registrations for property sales up by 24% in just last week.
The analysis comes from Coadjute’s new Property Market Insights report, compiled with industry leaders including Dezrez, Legal Marketing Services, MRI Software, Reapit, Redbrick Solutions and Search Acumen, covering approximately 50% of UK estate agents and a material number of conveyancing firms.
The new report is intended to provide unprecedented breadth and detail on every aspect of the property sector from initial sales enquiries through to viewings, exchange and completion, and is designed to help property businesses align their operations as activity returns to the market.
When adjusted for the short week due to the bank holiday, the Coadjute Insight Report shows that during the period between 4th and 9th of May (week 19 on the estate agents’ calendar), there was a 22% increase in daily sales enquiries; and an 11% rise in daily bookings of property viewings compared to the previous week. As expected, sales offers, exchange and completion figures remain low. These changes occurred before the government’s announcements of changes to lockdown restrictions earlier this week.
Coadjute believes that the early return of activity even whilst lockdown beginning to relax may suggest that there is significant latent demand for property transactions, with customers eager to buy and sell properties.