The latest BriefYourMarket.com Property Index (analysing the combined on-market activity from Rightmove and Zoopla) shows that last week there was a significant rise in the comparative number of properties coming to market, with 10,058 additional properties being registered.
Properties changing status to SSTC saw a comparative reduction on last week, with 6,565 fewer properties being updated as SSTC.
Withdrawals saw a comparative reduction on last week, with 2,442 fewer properties being withdrawn.
Fall-throughs saw a slight comparative reduction on last week, with 793 fewer properties changing status from SSTC back to For Sale.
The top ten most impacted postcode areas for fall throughs in this period were: BN2, B31, NG9, LU2 CR0, EN9, BN3, BH25, LU7 and CF14.
Commenting on the period – 11.07.2020 – 17.07.2020 – BriefYourMarket.com’s Chief Commercial Officer, Richard Combellack, said:
“The government’s initiative to sustain the rebound in housing activity and stimulate sales with the introduction of the Stamp Duty holiday has seen an immediate response.
“It’s not only buyers that are going to reap the benefits of the Stamp Duty changes, as the jump in new properties coming to market last week indicates that the holiday announcement was almost certainly the driving catalyst behind an influx of new sellers bringing their properties to market.
“Although this is the first time that SSTC has dropped below 30,000 in the last four weeks, the rates remain very positive.
“Remember, it was only last week that SSTC was at its highest rate in the last 15 weeks and, with this level of market activity, this figure should only increase as sales progress.
This is the first time that withdrawals have been below 10,000 in the last ten weeks.
“Fall-throughs have also seen a positive reduction, dropping below the 5,000 mark for the first time in five weeks.
“Last week’s activity ultimately shows that agents are staying consistently busy.
“Less fall-throughs, less properties withdrawn, SSTC remaining steady and more properties to showcase and sell.
“All in all, a hectic and very productive period right now.”
SSTC: (Total = 29,261) -20.1% reduction when compared to the previous week, with 6,565 fewer properties being updated as SSTC.
Busiest day in this period was Tuesday 14th July when 7,007 properties were updated as SSTC.
Withdrawn: (Total = 9,418) -22.9% reduction when compared to the previous week, with 2,442 fewer properties being withdrawn.
Busiest day in this period was Saturday 11th July when 3,126 properties were withdrawn.
Fallen through: (Total = 4,794) -15.2% reduction when compared to the previous week, with 793 fewer properties falling through.
Busiest day in this period was Tuesday 14th July when 1,213 properties fell through.
Count on market: (Total = 69,062) +15.7% increase when compared to the previous week, with 10,058 additional properties being listed.
Busiest day in this period was Wednesday 15th July when 18,293 properties were registered.
The BriefYourMarket.com Property Index is exclusive to Property Industry Eye and is published weekly.
The only question I have about these figures is how much of the new stock coming to market has been over-valued by agents desperate for instructions because not only are we seeing high numbers of new instructions, we’re also seeing high quantities of price reductions after as little as 2 weeks on the market.
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