According to the Yomdel Property Sentiment Tracker, estate agents were run ragged in the past week as surging demand from vendors and landlords rose to all-time record levels for the Tracker, to join buyers and tenants jostling for attention in the newly relaxed semi-lockdown market.
For the week ending midnight 7 June, new enquiries from vendors seeking valuations soared 34% to hit 85% above pre-coronavirus levels as people swarmed back onto estate agent websites seeking immediate help and guidance to kick start stalled home moving plans
Andy Soloman, Yomdel founder and CEO, said:
“Volumes have been building rapidly in recent weeks but these numbers are incredible.
“What’s especially interesting now is that beyond sentiment, actual activity and reported transaction data is following the same course.
“We now expect to see record listings volumes which will help offset damage done during this crisis.”
New vendor enquiries rose 34.41%, or 47.24 points, to 184.52, equivalent to 85% above the pre-covidid-19 average as people rushed to seek valuations of their properties.
Buyers dropped 7.28%, or 15.10 points, to 192.37, but demand remained 92% above pre-covid-19 averages.
Landlords raced to keep pace, rising 17.67%, or 22.2 points, to finish at 147.81, some 48% above the pre-covid-19 average.
Demand from tenants remained incredibly strong even though it dropped 10.08% or 20.84 points, to settle at 185.83. This is still 86% above the pre-covid-19 average.
Comments (5)
Indeed activity has surpassed expectations.
Don’t forget to use this opportunity to raise the bar on fees, which the whole industry needs.
When you have increased volumes you can afford to be bold and after a few successes, your confidence in achieving those higher fees will have returned !
Remember the recession will follow this euphoric moment, so every penny will count.
We have valued near to 15 properties in last month. Only 1 came to market ( no they didn’t go with other agents)
People are idiots.
Nice to hear it from the coal face Bless You. So what you thinking is driving the high val. numbers?
People in fear of the assetts value during covid?
In turn considering selling because jobs are going up in smoke – forward planning if you will.
Re-mortgaging options?
Pent up demand? – Mini spike?
Interested to hear other lines of thinking.
Cheers
Think its just the usual suspects. Bored and can’t go out so probably having window. Patio quotes as well.
from a live-chat data set during covid 19 – we ca see live-chat leads are up. Wowzers!
Anyway.
Loads of folk want out
Not as many folk want in
Agencies are run ragged whilst 75% of their workforce sit at home.
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Got to say though, it’s really funny hearing stories of some Agency owners thinking they’re busy. Lazy sods forgotten what a days work is.
Must dash, my toast and coffee is ready and Piers is on the TV slaughtering another spineless minister.