Property technology company Coadjute reports a continuation of the upward trend in the UK property market, with most key indicators showing volumes back to pre-lockdown levels.
An industry group formed by Coadjute – the Blockchain leader in PropTech – of leading property software businesses, including Redbrick Solutions, suggests that the UK housing market continues to recover with another rise in sales activity, accompanied by an increase in exchanges and completions.
Week 25 of the estate agent calendar (15th to 21st June), saw properties registered for sale recording a steady gain, up 5% week-on-week, and viewings booked showed a similar increase, up 4%. Both are now just 3% off pre-Lockdown levels. Sales offers also continued to climb with a healthy 11% gain as active viewers convert to potential buyers, making offers on their preferred homes. Sales enquiries were slightly down by 2% week-on-week, but remain 51% up on pre-lockdown levels.
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 over 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 estate agent and conveyancer workflow 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.
This continued strength is reflected in conveyancing data with gains across almost all indicators, most notably quotations rising by an impressive 50% and well above pre-Lockdown volumes, and the number of activations now close to “normal” levels. Exchanges saw an increase of 6% week-on-week, with sales completions retrenching, down 5%.
Martin MacDuff, Managing Director at Redbrick Solutions said, “It’s essential to the UK economy that the housing market with all its facets gets moving again as soon as possible. We’re proud to be working with Coadjute and keen to do what we can to assist a positive and successful return to business as normal”.
Dan Salmons, CEO at Coadjute says “Over the last 3 months, data from our partners has revealed both the unprecedented drop in the property market after lockdown and the impressive recovery. With levels of activity now returning to normal, and further easing of lockdown measures on the way, we hope the UK property market can start to look forward again. The industry has coped remarkably well, and with new digital capabilities like Coadjute on the way, will be even better prepared in future”.
Coadjute concludes that the continuation of the upward trend in the UK property market has brought volumes almost back to pre-lockdown levels, and that the market is well-placed to return to normal.