Advanced Bookings Soar

Property technology company Coadjute has reported that advance bookings for property viewings on house sales have risen by 182% over the last four weeks. 

Coadjute’s Property Market Insights report, compiled alongside businesses including Dezrez, Legal Marketing Services, MRI Software, Reapit, Redbrick Solutions and Search Acumen, covers more than 50% of UK estate agents, in addition to a number of conveyancing firms.

It found that during the period between 2 March and 5 April there was a 62% drop in estate agents enquiries and an 83% drop in registrations.

However, the market is seemingly picking back up, as the last four weeks has seen registrations and enquiries rise by 45% and 61%, respectively, increasing by 18% and 32% in the last week alone.

Property offers have also increased, by 58% over four weeks.

However, it should be noted that these increases are in the context of an unprecedented reduction in activity at the start of lockdown.

The number of applicants registered with estate agents is still 77% below the start of March.

Similarly the proportion in the offer stage is down 87%.

Martin MacDuff, managing director at Redbrick Solutions, said: “It’s essential to the UK economy that the housing market with all its facets gets moving again as soon as possible.”

Gary Barker, chief executive officer at Reapit, said: “It is essential that we embrace technologies that can help us expedite recovery and growth throughout the property industry.

“Reapit’s collaboration with Coadjute and partners will bring together both an exceptional level of industry knowledge and a leap in data mapping technology to offer detailed property market insights which at this time can now be precisioned towards the anticipated return of the sales market.”