Withdrawals continue to decline as sales improve – weekly index

The BriefYourMarket.com Property Index (analysing the combined on-market activity from Rightmove and Zoopla) shows that last week saw a slight reduction in the comparative number of properties coming to market, with 5,828 fewer properties being registered.

Properties changing status to SSTC saw a substantial comparative rise on the previous week, with 5,481 additional properties slhifting status.

The trend in withdrawal reductions is continuing week-on-week, with 3,173 fewer properties being withdrawn in comparison to the previous week.

There has been minor comparative reduction in fall throughs last week, with 56 fewer properties changing status from SSTC back to For Sale.

The top ten most impacted postcode areas for fall throughs in this period were: CR0, BN2, NN8, NG16, SO30, BS20, CO10, BN1, BN3 and DE7.

Commenting on the period 20.06.2020 – 26.06.2020, BriefYourMarket.com’s Chief Commercial Officer, Richard Combellack, said:

“Another week on and the market continues to look healthy.

“The fall-through rate continues to remain steady, settling in and around the 5,000 mark for the third week running.

“Another positive is that withdrawals are continuing to reduce significantly on a weekly basis.

“New properties coming to market – after the surge of the previous week (65,977) – still looks strong, standing at 60,149.

“The best news from last week is that sales (SSTC) have improved, climbing from 29,434 to 34,915 in total.

“So, although new properties coming to market has seen a slight fall last week, there is still plenty of optimism in how the market is performing.

“Last week’s trend analysis would certainly indicate that vendors are continuing to gain confidence in the new process of putting their house on the market, and are happy to work under the new conditions that are rapidly becoming the new normal for the industry.

“This optimism is having a positive knock-on effect on the number of withdrawals and the number of new instructions coming to market, as new properties coming to market have remained in and around the 60,000 mark for the last two weeks now.

“The positive increase in sales is also a great indicator of how new and existing pipelines are working in tandem and flowing through well.”

 

SSTC: (Total = 34,915) +17% increase when compared to the previous week, with 5,481 additional properties being updated as SSTC.

Busiest day in this period was Wednesday 24th June when 8,980 properties were updated as SSTC.

Withdrawn: (Total = 11,157) -24.8% reduction when compared to the previous week, with 3,173 fewer properties being withdrawn.

Busiest day in this period was Tuedsay 23rd June when 4,644 properties were withdrawn.

Fallen through: (Total = 5,349) -1% reduction when compared with the previous week, with 56 fewer properties falling through.

Busiest day in this period was Wednesday 24th June when 1,287 properties fell through.

Count on market: (Total = 60,149) -9.2% reduction when compared to the previous week, with 5,828 fewer properties being listed.

Busiest day in this period was Friday 26th June when 14,041 properties were registered.

 

The BriefYourMarket.com Property Index is exclusive to Property Industry Eye and is published weekly.

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