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 decrease on the previous week, with 4,095 fewer properties being registered.

Properties changing status to SSTC saw a comparative decrease on the previous week, with 18,120 fewer properties being updated as SSTC.

Withdrawals saw a comparative decrease on the previous week, with 9,113 fewer properties being withdrawn.

Fall-throughs saw a comparative decrease on the previous week, with 975 fewer properties changing status from SSTC back to For Sale.

The top ten most impacted postcode areas for fall throughs in this period were: NR31, BN1, CR0, DA1, TN23, ME15, SM1, BR6, CO15 and ME7.

Commenting on the period 24.10.2020 – 30.10.2020, BriefYourMarket.com’s chief commercial officer, Richard Combellack, said: “Firstly, it is extremely welcome news that the industry will remain active during the pending lockdown. The market remains positive. New instructions coming to market have remained above 57,000 per week for the last 20 weeks now, with sales agreed remaining above 50,000 per week for the last 12 weeks. Fall-throughs and withdrawal rates have both seen a comparative decrease from the previous week too.

“This level of activity is obviously causing tense bottleneck issues though. Sales agreed hit a new 2020 record just two weeks ago. Last week, properties being updated to SSTC hit 75,245, adding to the substantial number of buyers that are already experiencing lengthening completion times.

“There is some concern that a lot of these buyers realistically face the problem of missing out on the stamp duty tax cuts too. I think it would be interesting to find out what the affordability of a buyer is if their purchase failed to complete beyond the 31st March 2021, and how much of your pipeline would be at risk.

“Inevitably, the conveyancing bottleneck has led to increased calls for the stamp duty holiday to be extended beyond its current deadline, and we all await more information on this.”

Conveyancers are struggling to deal with the backlog of transactions that are going through, and this will have an unfortunate knock-on effect on the relationships between agents and their clients, according to Combellack.

He continued: “Open – and regular – channels of communication have never been so important. At every possible opportunity, it is vital that agents are setting expectations. We have seen a significant increase in the number of communications being sent that discuss the ‘real’ implications of the stamp duty holiday. Getting sellers to market with the golden carrot of achieving a great price and benefiting from huge savings is only half of the story.

“In reality, those agents that are taking the time to explain what the real consequences of buying and selling are right now in the current conditions are gaining more trust and – for want of a better word – sympathy for the working conditions that agents find themselves in. You simply cannot underestimate how important communication is for ensuring that a client remains confident in your ability to get the job done right now.”

Will confidence take a hit over the next month due to the new lockdown measures? Combellack says that it is highly likely.

He added: “We are drawing closer to the holiday period too and people will begin to focus their attention on holiday-related matters. The key driver for market confidence will come from the agents, so it is vitally important that they are leading from the front in terms of reiterating the points that they are open, they can safely conduct business, and that the market – although challenging – offers both buyers and sellers a unique opportunity to get the most from their home move right now.

“Agents are leaders in terms of consumer confidence right now – so make sure that your database, social follower base, and everyone in your local area is updated on the new measures.

“Whilst we can’t make light of the fact that we are going into another lockdown period for very serious reasons, one of the chief drivers for the 2021 market may be the fact that people will – once again, as we saw during the first national lockdown – seriously think about their living situation. If there is a single positive to be taken, it could be that this is a catalyst for more future movers.

“All in all, there are little signs of the market slowing. Although, as I say, we will have to see if a dent in confidence to move because of the new lockdown restrictions makes any difference over the next month.

“I would expect sales agreed to remain high for the next few weeks and conveyancing firms to feel more pressure. The proof in confidence to sell will be in the number of new instructions coming to market over the next few weeks, which has been incrementally dropping for the last three weeks now.”