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TODAY'S OTHER NEWS

Market share of Guild members 'now higher than during Boris Bounce'

The combined market share of agencies in the Guild of Property Professionals is now higher even than it was at the time of the pre-virus Boris Bounce.

The Guild makes the claim based on data from industry consultancy TwentyCI.

“If we look at the new instruction figures … in January this year our network held 5.55 per cent of the market, in March the property market went into lockdown and our new instruction share of the market slide to 5.4 per cent, decreasing further in April to 3.91 per cent, which still put our network on top of list if compared to other estate agency brands” explains Iain McKenzie, chief executive of The Guild. 

“Since the property market was given the green light, our members have reported that they have been inundated with enquires and people looking to move. As a result, The Guild’s collective membership market share has risen to 5.91 per cent in May, higher than the ‘Boris bounce’ the market experienced at the start of the year” he adds.

McKenzie says that according to TwentyCI, from May 1 until May 12 - the day before the market reopened - the daily number of new instructions for the entire industry ranged between 130 and 1,237. 

From May 13 onwards the numbers have seen a massive improvement with between 1,904 and 4,972 new instructions coming onto the market daily. 

“While the number of new listings during May this year is still lower than the spring bump we saw last year, it is encouraging that the market is moving in the right direction and the number of new instructions is increasing as people become more and more comfortable with the new normal,” says McKenzie. 

“There are currently over 75,000 instructions within The Guild network, with currently around 72 per cent Sold Subject to Contract” he adds.

In terms of SSTC across the entire industry, the story follows a similar pattern to that of the new instructions.

From May 1 to May 12, the daily number of properties SSTC was between 86 and 876 - startlingly low figures when compared to numbers seen at the same time last year, which ranged between 404 and 6,545 a day. 

“From the 13th onwards the SSTC daily figures for the entire market has been between 217 and 2,724, again the numbers are still not where they were a year ago, but they have seen huge increases and continue to grow on a daily basis, which is encouraging” says McKenzie.

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