Twenty EA has published figures showing some of the effects of the opening up the housing market interms of new instructions and sales agreed.
The company says that in the seven days up and to and including 19th May they have seen nearly 13,000 new instructions come on the market.
This is not only the fifth consecutive week where the figure has risen in comparison to the prior week, but in the last week, the rise has been a substantial 116%.
The following chart displays a weekly breakdown of new instructions since the start of 2020.
In the last seven days they have seen just over 6,800 new sales agreed, which is a substantial rise of 96% compared with the prior week.
The following chart displays a weekly breakdown of sales agreed since the start of 2020.
The chart shows that although the recent growth is a cause for optimism, the volume of sales agreed is only around 30% of the 2019 weekly norm.
Twenty EA say that there are two factors which will need to kept under a close eye on in the coming weeks.
Firstly, price reductions of property on the market for sale have risen in volume in the last week by 198%, from 2,050 to 6,115. This provides a very early indication that sellers may well have to reduce the price of their property in order to get a sale agreed.
Secondly, the level of fallen-through transactions has risen very sharply in the last week by 163%. from 2,447 to 6,428.