Property

Sentiment rises in the property market as buyers and sellers look to life after lockdown

Property Reporter
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13th May 2020
Terraced home 337

A new sentiment survey has revealed that fears around the current pandemic and the market are starting to ease, as the first phase of lockdown restrictions are implemented.

According to the data, two weeks ago, 42% of home sellers previously stated they were extremely concerned about the impact of the Coronavirus on their property sale. This has since dropped to just 33%.

79% of home sellers also still plan to market their property within the next 12 months although 64% still believe their sale will be delayed between three and 12 months.

43% of buyers said they would still not put an offer on a property in current market conditions, although this has dropped marginally from 46% two weeks ago.

Online listings reaching the market continue to sit at a post-lockdown peak of 2,000 or less a day compared to nearly 9,000 a day prior to lockdown.

However, the median number of web views a listing receives in the first three days of being on the market has spiked above and beyond levels seen prior to the lockdown; hitting a high of 272 per listing on 19th April.

There has also been a steady increase in Google searches for both key buyer and seller words and the indexed volume of new GetAgent home seller leads has also increased, now almost reaching the same levels as when the lockdown was implemented.

GetAgent data shows that the ongoing impact of the lockdown remains clear with new listings reaching the market remaining low, reaching a peak of 2,009 a day in May so far, compared to a high of 8642 in February.

The good news is buyer demand remains strong and when looking at the median number of web views a listing receives in the first three days of being on the market, activity has spiked above and beyond levels seen prior to the lockdown; hitting a high of 272 per listing on 19th April.

There has also been a steady increase in Google searches for both key buyer and seller words and the indexed volume of new GetAgent home seller leads has also increased, now almost at the same levels as when the lockdown was implemented.

When the firm previously surveyed home sellers, 42% stated they were extremely concerned about the impact of the Coronavirus on their property sale. This has since dropped to just 33%.

79% of home sellers also still plan to market their property within the next 12 months although 64% still believe their sale will be delayed between three and 12 months.

While online demand from prospective buyers has begun to build, 43% of buyers said they would still not put an offer on a property in current market conditions, although this has dropped marginally from 46% two weeks ago.

Estate agents' concerns around the market have dropped from an average of 8.2 two weeks ago to just 7.6 now, but despite ongoing uncertainty, home sellers are still ranking their agents' response to the crisis at 6.1 out of 10 on average.

Colby Short, founder and CEO of GetAgent.co.uk, commented: “Our latest data release provides a welcome glimmer of returning market sentiment in what has otherwise been an extremely difficult period for the property industry, as home sellers and buyers start to think about life after lockdown.

"This has led to a steady increase in virtual demand which comes as very welcome news for those agents that have seen the physical aspect of their business all but vanish due to current restrictions.

"Of course, concerns remain, but as we move closer to a solution it’s reassuring to know that the market remains poised to spring back into action. Judging on the latest update, it may be a month or two yet before we see a full return to normality, if at all, but the industry will continue to pivot with the current landscape and as restrictions are relaxed, this should enable the cogs to start turning once again.

"When they do, this pent up level of buyer demand should ensure that any pandemic related impact on house prices is short lived.”

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