Coadjute: Offer stage overtakes exchanges and completions for first time since lockdown
Residential property sales in the offer stage were up by 126% in the week from 18 to 23 May 2020, according to research by an industry group formed by proptech business Coadjute.
This represents 45% of the entire sales pipeline, versus 26% in the previous week.
The sales offer stage has therefore overtaken the number of exchange and completion stages for the first time since lockdown, with a combined figure of 55% of the total pipeline.
The Property Market Insights report was compiled with industry leaders including Dezrez, Legal Marketing Services, MRI Software, Reapit, Redbrick Solutions and Search Acumen, covering approximately 50% of UK estate agents and a material number of conveyancing firms.
Sales viewings booked last week were up by 111% and the number of registrations for property sales increased by 58%.
The number sales enquiries was up by 17% also, exceeding the figures from the end of February, with enquires up to 27% higher.
The number of exchanges rose by 41% in the week commencing 18 May, and the sales completion figures increased by 34%, demonstrating that cases that were put on hold through the lockdown, are now filtering through to the completion.
There has also been an increase in the number of properties being registered for sale, up to 67%. This activity is seen in the conveyancing data with a rise in the number of cases listed, and the number of quotes provided doubling over the last week.
It is still important to note that most of the totals remain below market norms.
Dan Salmons, CEO at Coadjute, said: “This report shows how rapidly the housing market is now returning.
“In a week when the UK government called for the use of digital tools in the property market to get the economy going, we applaud how rapidly estate agents and other parties are adopting new digital approaches to make this possible.
“Our mission at Coadjute is to help the property market transform digitally, and we welcome the housing minister’s encouragement to use blockchain technologies to accelerate the process.”