The latest BriefYourMarket.com Property Index (analysing the combined on-market activity from Rightmove and Zoopla) has been published.

New properties coming to market last week saw a comparative increase on the previous week, with 7,715 additional properties being registered.

Properties changing status to SSTC saw a comparative increase on the previous week, with 25,844 additional properties being updated as SSTC.

Withdrawals saw a comparative increase on the previous week, with 9,280 additional properties being withdrawn.

Fall-throughs saw a comparative increase on the previous week, with 838 additional properties changing status from SSTC back to For Sale.

Commenting on the period, 22.08.2020 – 28.08.2020, BriefYourMarket.com’s Chief Commercial Officer, Richard Combellack, said:

“Demand for housing in the UK continues to soar. SSTC has, once again, reached a new 2020 record, beating the previous highest seven-day period of recorded activity between the 8th and 14th August 2020 – when 76,637 properties were updated as SSTC – by a comparative 8.9%.

“It is clear to see that the UK property market is at odds with the current state of the UK economy as a whole; whilst other areas of it contracts, the property market continues to go from strength to strength.

“I’ve heard the term ‘unprecedented’ used more times over the last few months than I can care to remember, but I can’t think of better adjective to describe the levels of activity that are taking place right now.

“A ‘property movement’ is happening; a ‘once in a lifetime’ period were more people than ever before are engaging with moving home and prioritising property. The usual August slowdown has nigh on disappeared. New properties coming to market have now remained above 60,000 for the last seven weeks.

“This week, the number of new listings registered are only 2,831 less than the current 2020 record, when 74,849 properties were listed between the 8th and 14th August 2020.

“Inevitably, with increased activity, withdrawal rates are now beginning to climb. The data shows that withdrawals have hit their highest rate in twelve weeks. What is the catalyst for this rise then? All property reports are positive; both Rightmove and Zoopla have recently reported that almost every region in the UK has seen price increases and faster average sales times.

“Sellers are in the driving seat when it comes to demanding a premium marketing service from their agent right now. They can see that it’s a great time to secure a buyer, and if their property isn’t getting the exposure or attention it deserves, there will inevitably be more agent movement over the next few weeks from frustrated sellers.

“Wrapped up within the rise in withdrawals, there are obviously going to be sellers that have withdrawn due to financial concerns and continuing economic hardship, but seller confidence is high, meaning agency service levels must exceed client expectations to keep them patient.”

SSTC: (Total = 83,780) +36.4% increase when compared to the previous week, with 25,844 additional properties being updated as SSTC.

Busiest day in this period was Friday 28th August when 26,392 properties were updated as SSTC.

Withdrawn: (Total = 16,792) +75.2% increase when compared to the previous week, with 9,280 additional properties being withdrawn.

Busiest day in this period was Friday 28th August when 6,915 properties were withdrawn.

Fallen through: (Total = 6,685) +13.3% increase when compared to the previous week, with 838 additional properties falling through.

Busiest day in this period was Friday 28th August when 1,654 properties fell through.

Count on market: (Total = 72,018) +11.3% increase when compared to the previous week, with 7,715 additional properties being listed.

Busiest day in this period was Wednesday 26th August when 14,321 properties were registered.

The BriefYourMarket.com Property Index is exclusive to Property Industry Eye and is published fortnightly.