Property market beginning to settle – YPST
The latest figures from the Yomdel Propety Sentiment Tracker (YPST) has revealled that the property market is heading back towards normal levels for the seasonal time of year.
The booming UK residential property market recorded another significant drop in new enquiries to estate agents in the past week, indicating that while activity overall remains well above average.
Visits to estate agent websites remained very strong, although down 10 percentage points to end 33% higher than the same week last year. New vendor enquiries were down 6% on the week to mark a six-week losing streak leaving them 43% lower than the all-time peak hit in mid-July, while buyers also lost a further 8% and landlords fell 2%, data up to midnight 11 October showed.
Andy Soloman, Yomdel Founder & CEO, commented:
“The downward trends are well established now, and the announcements of increased restrictions due to coronavirus in certain parts of the UK are likely to also act as a brake. The boom times are not over but talking to estate agents and reading the tea leaves it suggests agents need to take urgent steps now to secure pipelines against further disruption.
“The fear being expressed to me is that as we head closer to Christmas withdrawals and fall throughs could rapidly mount, especially as the deadline for benefiting from the stamp duty holiday becomes increasingly unrealistic. Agents need to ensure they are so offering digital communication and service options, plus doing everything possible to help squeeze transactions through the process,” he added.