At the beginning of 2020, we made and reviewed a range of predictions as to how the property market would develop in 2020 and beyond. With an emphatic election victory and Brexit close we were all hoping for the “Boris bounce”. Well, no one could have possibly predicted that we would have a global pandemic putting the entire property market on ice in April & May.
It is June and the start of the Great British Summer again. This June however is significantly different to the last one as the cloud of economic uncertainty hangs over us in a way unseen in our lifetime.
Well it certainly seems like the property market is starting to pick up since its re-opening on the 13th May. The latest TwentyCi data suggests that in the last week, we are now operating at 75% of 2019 norms. All our indicators are suggesting that the market is bouncing back with a rate and pace which belies the fact that a large section of the economy is still locked down.
Property coming to the market
The number of properties coming to the market for sale by month since the start of 2020 and a comparison with 2019 volumes is shown in the chart below…
We are clearly still a way off the 2019 numbers, but we are expecting June to be a lot brighter based on the last two weeks of data.
What does this mean for brands & agencies?
As consumers list their properties for sale, this kick starts a steady stream of buying across a multitude of sectors and categories including estate agents, conveyancers, removers, mortgages, insurances, broadband, carpets, curtains, decorating, furniture, kitchens & bathrooms. The picture below shows whether these transactions fall pre or post move.
You may ask, “but are they securing sales on their property & then moving?” Well yes they are, looking at our data, we are seeing a different picture against the 2019 numbers where in April (again the low), exchanges were at 68% of 2019 volumes as opposed to the 14-15% of those being listed for sale.
Our interpretation is that the underlying confidence in the property market remained strong in lockdown and buyers did not pull out of their property purchases. This bodes well for the future.
Now that lockdown has been relaxed allowing property transactions to happen, we are seeing some exciting spikes in our daily data feeds across all metrics.
If you haven’t already, now is the time to start planning marketing campaigns to reach this high value audience, for the marketing programmes we support, our data & insight typically delivers an ROI of over £20 to every £1 spent.
If you would like to engage with the most valuable consumers or just want to know more, you can contact Nick McConnell at nick.mcconnell@twentyci.co.uk or Colin Bradshaw at colin.bradshaw@twentyci.co.uk.
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