Mini Housing Boom Continues
The latest Yomdel Sentiment Tracker suggests that the mini boom that the housing market has experienced since it re-opened following lockdown is continuing.
The data released by Yomdel shows that there is a huge amount of sustained activity on estate agent websites for the fourth consecutive month. It found that website user numbers are 36% higher than the same week last year.
New sales enquiries from vendors and buyers in the week ending midnight on 23 August were 97% and 72%, respectively, above the 62-week pre-covid-19 average, with qualified new vendor leads an astonishing 111% above the same week a year earlier. Buyers were not to be outdone and kept pace to end the week 81% above late August 2019.
Activity in the residential property market, which initially stalled when covid-19 lockdown hit, rapidly recovered as restrictions on estate agent activity were eased and a stamp duty holiday was announced in May, and is now hitting new records with each passing week.
Andy Solomon, Yomdel Founder and CEO, said:
“When looking at the crazy levels of activity you can only say astonishing so many times before it becomes boring, but I’ll say it just once more: ‘Astonishing’. We have the perfect storm of good intent here, with people swarming across estate agent websites, they are motivated and they want good agents to help them, but there are some real challenges.
“Perversely, agents are telling us they can’t cope with the volumes of new business leads and are struggling to give the right attention to the right people at the right times. It’s crazy right now. We’ve even heard stories of vendors being told by agents they’ll have to wait three weeks to get a market appraisal. That is absolute nuts as it is giving business away,” he added.