June property market review: Pent-up demand evident as restrictions relaxed
Key points
- During June 2020, ESPC received the highest number of property valuation requests ever recorded in a month, highlighting strong demand to sell property
- In June 2020, web traffic sessions on espc.com were 10% higher than June 2019 – in the last week of June, traffic was up 50% compared to the same week last year.
- In the last week of June 2020, viewing requests and Home Report downloads were up 200% and 43% year-on-year respectively
- On the 29thJune when restrictions were relaxed, ESPC recorded the highest daily number of viewing requests and Home Report downloads so far in 2020
- The number of My ESPC accounts created during June was up 22% compared to the previous year.
ESPC data in June 2020
ESPC data from June 2020 indicates growing demand to buy and sell property in Scotland in the run up to restrictions being relaxed on the 29th of the month.
Property valuation requests
The highest number of property valuation requests ever in a month were recorded during June. Getting a property valuation is typically the first stage of selling a home so this indicates rising interest in selling property during the month. While restrictions were still in place until 29thJune, many agents offered virtual valuations so that they could still assist home sellers.
Web traffic, viewing requests and Home Report downloads
After a busy start to 2020 in terms of property market activity, lockdown measures resulted in significant declines in activity such as web traffic, viewing requests, Home Report downloads and schedule downloads. However, while small increases in these had been evident since late April/early May, more notable increases became apparent towards the end of May and throughout June.
In June 2020, web traffic sessions on espc.com were up 10% year-on-year. This was the first monthly year-on-year increase seen since February 2020. In the final week of June, web sessions increased by 50% compared to the same week the previous year.
In the last week of June, viewing requests were up 200% year-on-year. During this week, Home Report downloads were up 43% year-on-year. On the 29th June, the day restrictions were relaxed, ESPC recorded the highest number of viewing requests, Home Report downloads and schedule downloads in day so far in 2020. The 30th June saw an even higher volume of Home Report downloads and viewing requests.
My ESPC accounts
During June, ESPC also noted an uptick in the number of My ESPC accounts being created, which allow people to shortlist properties and set up email alerts for properties that match their requirements, with a 22% increase compared to June last year and the highest number of monthly sign ups since February 2020.
Pent-up demand for property evident as restrictions relaxed
Paul Hilton, CEO of ESPC, said: “The strong web activity recorded by ESPC during June evidences the pent-up demand to buy and sell property in Scotland. When the 29th June was announced as the date restrictions would be relaxed, we noted a spike in activity.
“This activity continued to increase throughout the last week of the month, with very high numbers of viewing requests, Home Report downloads and schedule downloads seen in the last couple of days of June.
“Our agents have reported that they have been exceptionally busy since Monday 29th June. It appears that the normal busy period during spring has been delayed until the summer due to lockdown.
“In the coming months, we should also have a clearer picture on the medium-term outlook for the Scottish property market.”
Find out more
During these uncertain times, ESPC and our agents are with you every step of the way. Get in touch with an ESPC agent today to get start on your house move.
