Reapit Data Demonstrates Property Market Bounce Back
Data released by Reapit which covered a number of key KPI’s for the month of May, has continued to demonstrate how the property market has begun to ‘bounce back’ after life in lockdown.
The data, pulled fro their Agency Cloud platform omits the final week in May.
Naturally, the data demonstrates a drop across the board between the last week of February and the announcement of the UK lockdown on 23rd March.
Combined net viewings for sales and lettings are now only -26.36% below previous months not impacted by the coronavirus.
Combined applicant registrations only have another 10.51% to climb before they hit the same levels as February 2020.
The recovery is clearly going in the right direction, as combined internet enquiries for sales and lettings are 10.63% higher than the end of February 2020.
Viewings for properties increased, once the market was re-opened on the 13th May 2020. Viewings increased by 87% and applicants registered increased by 42%.
The last two weeks of data supplied by Reapit shows that confidence is indeed returning to the market. Instructions rose by 88%, valuations increased by 78% and offers of sale are on the rise.
Gary Barker, Chief Executive Officer, Reapit, said:
“Reapit supports in excess of 30% of the UK’s property agency market, so we’re pleased to see a widespread pattern of growth and recovery taking place even before the lockdown was lifted.
“These are encouraging signs that the pent-up demand of over 450,000 buyers and renters, some of it pushing as far back as Brexit, is about to be released in the property market.
“Whilst its very early days of agents returning, we are encouraged by these recent trends.”