Using on-market data from its software, Brief Your Market has carried out a five-month trend analysis – which considers the combined activity of listings on Rightmove and Zoopla – to provide a summary of the impact that COVID -19 has had on fall-throughs and withdrawals.
Fall-through is where the status went to SSTC and then back to For Sale.
Withdrawn is where the property has gone from active to inactive and not via sstc.
The fall-through figures show the impact of the pandemic on the market
In November 2019, there were a total of 1,657 fall throughs.
December 2019 1,978.
January 2020 3,745.
February 2020 7,294.
March 2020 recorded a total of 18,101 fall throughs; 3,427 more than the total number of the previous four months combined.
As COVID-19 sent the nation into lockdown on the 23rd March 2020, the peak day for fall-throughs landed on the 26th March, with 3,915 fall throughs recorded in a single day.
At 17th April there has been 6,533 fall throughs for the month.
The top 10 most impacted areas for fall-throughs since the UK went into lockdown have been: BN1, BN2, BN3 (Brighton), LA1 (Lancashire), CR0 (Croydon), NG3 (Nottingham), BH25 (New Milton, Hampshire), LU2 (Luton), NN8 (Wellingborough) and BS16 (Bristol).
Withdrawals of properties from the market:
November 2019 68,144
December 2019 71,585
January 2020 82,071
February 2020 100,320
March 2020 97,106
In March the peak day for withdrawals came on the 19th March, with 14,100 properties being withdrawn in a single day.
To the 17th April 33,506
The peak day for the month so far came on April 1st, with 9,929 properties being withdrawn.
Chief Commercial Officer of Brief Your Market, Richard Combellack, said:
“This makes for hard reading, but I wouldn’t say that this is all doom and gloom.
“It represents a massive opportunity in the marketplace.
“These vendors had every intention of selling and probably still do.
“Right now, it’s going to be about how those sales are orchestrated when the lockdown is lifted.”
Readers may like to know that Brief Your Market, in partnership with Yomdel, has some free webinars running.
The remaining sessions this week:
THURSDAY 23RD APRIL 2020 – 3.00PM
Using the power of social media and video in Lockdown with Chris Watkin
REGISTER HERE
FRIDAY 24TH APRIL 2020 – 11.00AM
Generating revenue in the next six months from your marketing in Lockdown
REGISTER HERE
The problem is that it will take time for the market to “adjust” post lockdown and, as with Brexit* buyers and vendors will sit on the fence!
Time can be an estate agents friend but, once you pipeline is depleted, it most certainly isn’t and as soon as overheads kick back in many decent agents will find it a bit like starting from scratch albeit they may have some client and stock to start with! (Because pipelines will reduce considerably during lockdown)
I genuinely feel for anyone in Any area the industry that’s going through this and wish them all the best!
*Brexit – refers to the 3 yr period it took the UK to leave the EU but it’s mainly been forgotten about and most people can’t even remember what it was!!!
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Nice blog thanks for sharing with us
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The biggest turning point for estate agency will be when there is a widely available reliable antibody test. Early tests on a vaccine are promising, but it is unlikely to be available in high enough numbers until the end of the year earliest.
Whilst testing is being increased, it is unlikely to be of sufficient size and scope for full scale contact tracing for many weeks. We need to be tracking and chasing down the virus rather than it chasing us. The virus is likely to be with us for 12 to 18 months, until widescale successful vaccination can provide herd immunity!
Therefore our golden hope is for a self testing kit that people can buy from Tesco’s or amazon. It has to be reliable enough to prove immunity. Otherwise, think about how many vendors will want people looking round their homes who might be asymptomatic carriers? If you are a vendor who knows you have immunity, that will be a different matter of course.
In other news, wait and see how this will change the NHS. It is unlikely to go back to working in the same way as it did before, with time taking response from a centralised control system. Much more likely hospitals will become specialist in certain areas, rather than dealing with everything in general.
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It would be good if the government could ask different business sectors for their equivalent KPI graphs like this of how the lockdown has affected their market.
Then at the daily 5pm briefing, they showcase a single sector in turn by overlaying the sector time graph with the Covid fatalities graph. No need for Raab and co to specifically talk about that day’s business graph. It is just there to give some context.
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The government should consider addressing SDLT once we return to work, so that they could try to kick-start the market. They probably won’t as they are clueless but it’s worth a shot trying to get some lobbying going.
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