Carter Jonas has compared its levels of activity in the sales and lettings market one month on since the lifting of lockdown restrictions on estate agents as of Wednesday 13th May, and has identified the possible effect of virtual viewings on its KPIs.

New properties for sale: increase of 204%

Agreed sales: increase of 258%

New buyers: increase of 251%

New tenants: increase of 127%

New tenancies: increase of 175%

Internet enquiries: increase of 205%

Sales and lettings viewings: increase of 435%

Sales offers: increase of 359%

These  figures demonstrate changing levels of activity as of the seven days after Wednesday 13th May compared to the seven days before Thursday 11th June.

The graph illustrates sales and lettings activity levels across Carter Jonas’ branch network from pre-lockdown (24th February), through to the easing of restrictions placed on home moving (13th May), and a month on from these restrictions being lifted (11th June).

David Ruddock, Head of Residential Sales Operations, Carter Jonas said:

“The moment that restrictions were lifted for the property market last month, it came as no surprise that activity levels experienced a bounce back.

“That said, the last four weeks have been rather telling as to whether this spike is simply a ‘knee jerk’ reaction, or if we are in fact seeing sustained signs of life.

“Whilst increases in new instructions and agreed sales have been particularly high, we are yet to see a plateau of such momentum and are hopeful that what we are witnessing is a more sustained level of activity, providing the UK doesn’t undergo a second wave of coronavirus.

“A lot of market movement in recent weeks has been a product of pent-up demand, which has been building since the middle of last year – and long before the pandemic began – as people anticipated stability in Brexit plans to bring back market confidence.

“However, dissatisfaction with people’s accommodation and living situations has only intensified in lockdown, with many very motivated to move in search of more private outdoor space, room for a home office or those growing families that have been bursting at the seams with too many people in the house all day every day.

“It has also highlighted problems in people’s relationships, with those wanting to go their separate ways very keen to move quickly now that they can.

“What is somewhat surprising is the viewing to sales offer ratio of recent times.

“In this week just gone, it has taken an average of 3.8 viewings before receiving an offer, whereas this time last year this figure was at 12.8.

“We of course expected motivated buyers to be making decisions quickly, but such a sharp increase is unexpected.

“That said, these statistics are influenced by the fact that we are carrying out fewer face to face viewings, with only very motivated and proceedable buyers viewing properties in person.

“International travel restrictions continue to impact certain corners of the market, particularly Prime Central London.

“That said, we expect momentum to increase – as it has in the mainstream market – when restrictions in this area begin to relax.

“Unless a second wave were to come or lockdown restrictions were to be reinstated, we are hopeful that market momentum will only increase albeit at a steadier pace as the weeks go on.

“The real influence on this is the ability to conduct physical viewings, demonstrated by the fact that we have had 435 per cent more viewings in this last week compared to one month ago.

“This has seen us scale up our operations and measures to ensure such positive numbers of viewings can all be carried out safely as per government guidelines – as these in person interactions with properties have and will remain paramount to clients when making their final decision.”