Connells Group Market Report

5
Estate Agency
David Plumtree,
Group Chief Executive (Estate Agency)
New buyers and instructions
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On a year to date basis the number of new instructions to the
market remains slightly ahead of 2015. This is despite the level
of new instructions in the quarter being nearly 8% lower than
seen during Q2.
The comparison to 2015 is more favourable with new
instructions in Q3 2016 just 2% lower than Q3 2015.
The level of buyer demand remains high, with the ratio of
applicants registered to new instructions ending the quarter at
8.6 up from 7.8 at the end of Q2, and 7.6 in Q3 2015.
With the uncertainty introduced by the outcome of the EU
referendum in June, both buyer and seller activities were
suppressed during the quarter and showing a reduction on the
levels seen earlier in 2016. Despite this hesitancy, interest levels
remain high with applicant registrations and market appraisals
in Q3 2016 remaining ahead of Q3 2015 and outpacing the
level of fresh market instructions.
Viewings
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The level of viewing activity during Q3 2016 was 7% down
on Q2 2016. When compared to 2015, both the month of
September and Q3 in total were 2% lower than the equivalent
periods in 2015.
Year to date, the number of viewings are 3% ahead of the
same period in 2015.
Offers
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The number of offers made in the quarter were down by 3%
compared to Q3 2015.
Sales agreed
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Following the market reaction to the vote for Brexit at the
end of Q2, it was inevitable that Q3 would see a significant
reduction in sales activity. On a quarterly basis, Q3 was 8%
lower than Q2 2016, however, this masks the month on month
improvements that have been seen during the quarter.
When compared to previous years’ sales activity, September
2016 was 4% down on the same month in 2015, but 7%
ahead of September 2014.
On a year to date basis, the level of sales activity at the end of
Q3 is 2% behind 2015, reversing the position at the end of
Q2 and reflecting the post referendum drop seen during the
quarter.