Since opening of property market, LonRes buying agents seek property worth combined value of £1.2BN
7 July 2020
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LonRes, the business-to-business residential property trading platform, calculates that since the housing market re-opened in mid-May, its registered buying agents and property finders have active purchasers looking to spend a combined value of over £1.2bn (£1,214,271,550) on residential property.
The Retained Agent Alert* launched last June enables buying agents to register a client’s property requirements - property type, price range and area sought - directly to selling agents across the 6,500-strong LonRes network.
Commenting, Anthony Payne, Managing Director of LonRes said: “The number of buying agents posting clients’ housing requirements on LonRes has been steadily rising since the housing market opened up, as has the combined value of property being sought. Both are now at levels which surpass pre-lockdown (January – mid-March).”
At the start of the year (January mid-March) prior to the country going into lockdown, buying agents registered client requirements worth a combined value of £14,403,000 a day. Since mid-May buying agents have registered client requirements worth a combined value of £22,077,665 a day.
Value of searches logged on LonRes
Value of client requirements logged - total
Q3 2019 - £435,300,000
Q4 2019 - £585,550,000
2020 Pre-lockdown (Jan to mid-March) - £1,080,225,000
2020 During lockdown (mid-March to mid-May) - £287,350,000
2020 After lockdown eased (Mid-May to 6th July) - £1,214,271,550
Value of client requirements logged – daily average
Q3 2019 - £4,731,522
Q4 2019 - £6,364,674
2020 Pre-lockdown (Jan to mid-March) - £14,403,000
2020 During lockdown (mid-March to mid-May) - £4,954,310
2020 After lockdown eased (Mid-May to 6th July) - £22,077,665
Payne again, “By their very nature, purchasers registering with buying agents are serious, committed buyers. They will, in many cases, have paid a part of the commission in advance of finding a property. Unlike the statistics derived from those simply browsing on a property website, this data is unique in its ability to demonstrate the increasing volume of serious buyers looking to buy now.
“The fact that these enquiries are on the rise is indicative of the current strength of the housing market. Lockdown seems to have focussed people’s minds on their home and where they want it to be. This together with pent-up demand from the start of the year, is what seems to be driving the market just now.”
Notes to editors
*How the LonRes Retained Agent Alert works
The retained agent completes a short form listing their requirements – property type and price range – together with the postcode in which they are looking to buy. The LonRes system takes that information and matches it to the agents with appropriate properties in the search area. At the same time the system alerts the selling agent that a retained agent has a client with a specific requirement looking to buy in their area.