Edinburgh Pro-Active Property Group (EPPG), who represent 25% of local sellers and buyers in Edinburgh and the Lothians, are delighted to report that property market activity levels have dramatically increased over the past few weeks.
We believe that the re-opening of the English property market, and the recent release of the Scottish roadmap out of lockdown has had a positive impact and we look forward to the safe re-opening of the property market under Phase 2 with the appropriate safeguards in place (due to be reviewed on 18th June 2020).
As the below graphs show, we all started to report a considerable increase in activity from 11th May.
ESPC Home Report downloads have jumped from their lowest week commencing 6th April at 306 to 1,300 week commencing 25th May. This is a 326% increase in Home Report activity comparing the lowest activity week during lockdown with the most recent data.
Viewing requests have jumped from their lowest in early April at 96 per week to 305 per week on ESPC and 200 per week on Zoopla and rising. This is a 217% increase in viewing activity comparing the lowest activity week during lockdown with the most recent data.
In addition, our website hits have shot up to 18,000 per week from their lowest during lockdown of 15,206.
Jenna Spence, Operations Director at Neilsons Solicitors and Estate Agents said: “We have always stated that the Edinburgh and Lothians market is proving to be both dynamic and resilient, and we are pleased to note a substantial increase in property market activity in recent weeks with market activity at pre-lockdown levels. This is even more remarkable when you consider that necessary government guidelines in Scotland still currently completely halt physical viewings and new properties being marketed and properties selling with very few exceptions.
Even despite lockdown there was still considerable underlying activity in the market which EPPG have been advising all along. At Neilsons, we have received 120 Offers for our clients’ properties for sale and activity is on the rise. Like other firms in the EPPG, we have been ready, willing and able to assist sellers and buyers safely and remotely despite lockdown and have been innovating at a rapid pace to ensure our clients have the relevant marketing material and presence required moving forward.”
Laura Walker, Partner at Deans Solicitors and Estate Agents LLP, said: “The Edinburgh property market was buoyant prior to lockdown and work for EPPG firms has been continuing albeit in a different fashion, with more reliance on IT, remote working and virtual home tours during lockdown. The demand for property in many parts of Edinburgh still outstrips the supply and we are aware of pent up demand in the market which we anticipate will see a bounce to the market.
As we approach phase 2 of the easing of restrictions, we expect activity to continue to increase and transactions that have been on hold permitted to now move forward whilst respecting the necessary public health measures that have been in place.
Moving home is an opportunity to start a new chapter. Life has inevitably changed for us all to some degree throughout this period and what we want or need from a home may have altered too, from more space, multi-generational living, to a home office or the need for a garden area. This period has to some extent given us all the chance to look ahead as to the life we hope to live in the years to come and the home that we want to be part of that vision. Whilst some aspects as to the way we conduct business have changed for the foreseeable and perhaps forever our core values at Deans have not – tailored personal advice which starts with carefully listening to client’s objectives.”
Stacey Wilson, Director at VMH Solicitors and Estate Agents, said: “It’s very positive that we are seeing a significant increase in the number of enquiries coming into the firms from both buyers and sellers. We understand that, for most people, moving home is a necessity and this is encouraging to both sellers and buyers alike that the market is picking up from where it left off. We still have some time before moving home is possible for most but it’s encouraging that these increased enquiry levels mark an end to the sleeping market brought about by the necessary restrictions that have been in place the last few months.”
Tzana Webster, Sales and Marketing Manager at Warners Solicitors and Estate Agents, said: “We have seen a marked increase with activity levels from prospective buyers and confidence in market conditions as agents have been able to create innovative ways to facilitate viewings. The most obvious activity increase has been in receiving formal notes of interest, which has led to Warners setting more than 5 closing dates in the last 7 days!”