Sales agreed and new listings have plummeted by 70 per cent since government lockdown restrictions according to Zoopla and GetAgent data.
Having researched keyword data used since social distancing measures were imposed in the final weeks of March, GetAgent found that Google search volume had more than halved since mid February (54 per cent fall) and the end of March (62 per cent).
It has also found new listings to have declined from 8,535 in February to 672 by the end of April 6. Weekly listings last week were also 70 per cent lower than the week previous.
However, Zoopla maintain the market is still showings signs of life with the majority active listings retaining their sales status and just a 1 per cent fall in average stock per estate agency branch between March 7 and April 7.
Richard Donnell, research and insight director at Zoopla, said:
“The impact of coronavirus on the property market might be far-reaching, but after a rapid decline in market activity most indicators are now stabilising at levels well down in what would be expected at this time of year.
“So much so that market activity is currently in line with that recorded over Christmas 2018, when the market backdrop was weak and consumers were also grappling with Brexit uncertainty.
“While the recent drop in activity has been sharp, the market has not ground to standstill.
“There is still activity going on, just at much lower rates than you would expect in a busy spring market.
“Consumers continue to engage with what is on the market and continue contacting estate agents, planning ahead for when restrictions are eventually lifted.”
