Home selling advice site TheAdvisory has launched an interactive tool to show whether a specific location is a buyers’ or sellers’ market.
The PropCast tool lets users enter their postcode and reveals if the area is hot – a sellers’ market – or cold, meaning a buyers’ market.
Each area is given a temperature reading based on dividing properties that are sold subject to contract and under offer by the total stock on the market.
The results will show a heatmap of individual postcodes and historic market conditions using the temperature figure.
Property commentator Kate Faulkner and Rummage’s Robert May both helped devise the tool.
EYE queried whether this would make the market worse if sellers use the data to either hold off on listings or rush on to the market.
Founder Gavin Brazg, who also runs property and development consultancy Propacea, told EYE: “We believe it will increase transaction levels and overall liquidity by shortening the lag between public sentiment matching market reality.
“There will always be a percentage of sellers that attempt to ‘time the market’ but the majority are moving out of necessity. They simply want to move home and get the best possible result achievable right now.
“PropCast will help them to do this and will enable the estate agents giving the right advice about the market to be heard and preferred.”
The service has already attracted strong publicity, with a spread in a national newspaper property supplement.