Estate agents reporting record transaction levels continued to be swamped by new buyers and sellers in the past week as post-lockdown property market activity showed no sign of slowing with new vendor enquiries 115% above the same week last year, the latest data from the Yomdel Property Sentiment Tracker (YPST) shows.

All other types of enquires remained exceptionally strong with new buyer enquiries 95% above the same week last year, while landlords and tenants were also 28% and 21%, respectively, above the same week last July.

For the week ending midnight 26th July, estate agency website traffic remained extremely high at 37% above the same week 2019, while the numbers of people using live chat on estate agent websites were 81% above the pre-covid-19 average, and lead volumes overall were up 119% in the same period.

“Agents tell me they are now delivering record results, with one saying that in the past week they closed more business than any week since the 2008 financial crisis and great recession,” said Andy Soloman, Yomdel founder and CEO.

“The government’s stamp duty holiday, pent up demand post lockdown, and people wanting to move out of cities is fuelling the most extraordinary levels of activity, and it’s all happening online via live chat and social media. It’s almost as if the property demand hosepipe has been turned on full blast and they can’t find the stop ****.”

New vendors dipped slightly but remained at record levels with valuation enquiries 4.33%, or 9.89 points lower on the week, at 217.03, or 117% above the pre-covid-19 62-week average.

Buyers rose 3.55%, or 6.64 points, to close at 193.80 points, some 94% above pre-covid-19 average.

Landlords were stable at just 1.16%, or 1.62 points, down to end the week at 138.07, still 38% above the pre-covid-19 average.

Demand from tenants has steadily cooled from the manic lockdown high of 150% above the pre-covid-19 average, and ended the week down 4.33% or 6.43 points, at 142.00, some 42% above the pre-covid-19 average.

“Is it a buyers’ or a sellers’ market?” asks Soloman,  “Well the evidence suggests it is both, with a good balance between new market entrants.”

“Add those already in the system and the challenges of keeping everyone safe when visiting a property, vendors can afford to be quite choosey about who they want in their homes.

“And it’s all online as people deliberately seek out live chat on agent websites as well as their Facebook pages. This is a hyperlocal moment, people want specific answers from agents and we believe this is a genuine watershed moment in how people are behaving and choosing their agents,” he added.

The Yomdel Property Sentiment Tracker is exclusive to EYE and is published weekly.