The latest Yomdel Property Sentiment Tracker (YPST) shows that the slowdown in the volume of new enquiries to estate agents from vendors and buyers accelerated in the past week, indicating the downward trend from the post coronavirus lockdown euphoric highs is setting the tone for a frosty winter,
While enquiry levels from vendors remained strong at 74% above the same week last year, levels dropped 18% in September following four consecutive weeks of cooling. Buyers continued their downward trend to complete their ninth week of losses, although they remained a healthy 55% above the same week in 2019.
Enquiry levels were buoyed by continued strong traffic to estate agent own-branded websites, a consequence of the shift to digital and fundamentally changed consumer behaviour.
Visitor volumes were 26% above the same week last year, and in turn people using immediately available live chat services were up 46% and then converted to new business leads at levels 71% above the same week 2019.
Landlords dipped slightly and tenants remained mostly flat, to end the week 29% and 18% above the same week 2019.
“Yes estate agents remain very very busy but looking at the data it indicates a serious slowdown is rapidly approaching. Add in uncertainty around rising coronavirus cases, the potential for lockdown measures restricting activities, the stamp duty holiday deadline, the normal seasonal downturn, and increased anxiety over a no-deal Brexit and you have all the ingredients for another storm,” said Andy Soloman, Yomdel Founder & CEO.
“Consumers are indicating rising nervousness in live chat, plus, remarkably, more and more are reporting they have been turned away by estate agents unable to cope with demand. A rejected customer from one agent is a gained opportunity for another,” he added.
New vendors lost 6.42%, or 10.06 points, to end the week on 146.63, which left them 47% above the pre-covid-19 62-week average, but at their lowest level since 31 May.
Buyers fell for the ninth straight week by 3.52%, or 5.01 points, to close at 136.95, some 37% above pre-covid-19 average, another new low since lockdown was initially eased in mid-May.
Landlords steadied themselves after weeks of losses to only dip 0.99%, or 1.08 points, to finish at 107.75, around 8% above the average, also at their lowest level since May.
Demand from tenants was steady, rising just 0.49%, or 0.58 points, to close at 118.43, some 18% above the pre-covid-19 average.
Why does nobody ever report something positive. We have no idea if we will have a “frosty winter” in the Propertymark market. The soothsayers are consistently proved wrong and the supposed “authorities’” forecasts are usually about 95% wrong every time. Let’s get some positivity into our lives
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
It’s data, not Boris asking you to “let the lion roar”.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Not uncommon for numbers to fall at this time of year, though there is a tension in the market for obvious reasons. I have advised both my sons to watch and see.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Supply & demand. When the supply increases as demand decreases as demonstrated in the article, oh dear !!!!!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
2nd lockdown, scares people away.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register