Zoopla agents enjoy double-digit rise in sales and vendor leads as market gathers momentum
24th July 2020
Valuation leads to agents were up 14.5% week on week following the announcement of the Stamp Duty holiday, running 7% above pre-Covid levels
Sales leads continue to climb - buoyed 13% week on week across the same period
In a welcome boost for agents, Zoopla, the UK’s leading property destination, has reported that sales and vendor leads have reached a 2020 high, beating those delivered even during the strong start to the year. The growth follows a steady recovery after the market was closed for 50 days during lockdown, with the market further buoyed since the Chancellor announced a Stamp Duty (SDLT) holiday applicable to properties priced up to £500,000 in the Summer Statement.
As part of the continued consumer education and engagement activity that both preceded and succeeded the SDLT holiday announcement, Zoopla doubled down on driving vendor and applicant leads to agents through its products and software services.
The Stamp Duty holiday brought with it a full recovery of the vendor leads that Zoopla delivers to agents, up 7% in the week commencing 6th July compared to pre-Covid levels. Leads have been driven primarily through zoopla.co.uk/valuation with the support of paid search investment, providing an increase in sessions of 78% in the same period, with agents who have Zoopla’s Valuation Booster(s) seeing additional benefit.
While buyers had long since reengaged with the sales process, vendors had been more reluctant to proceed. That said, in the week that followed the announcement of Stamp Duty relief, vendor leads delivered to agents by Zoopla climbed 14.5%, demonstrating a marked step change in sentiment.
Enduring buyer appetite
Sales leads delivered by Zoopla direct to estate agent customers have continued on a steady upward trajectory since the market reopened and are currently registering at 51% above pre-Covid values. Since 13th May, sales leads are up a massive 131% compared to the height of the market lockdown, and were boosted 13% in the week that followed news of the Stamp Duty holiday.
Nikki Cole, Sales Director, Zoopla, commented: “It’s been clear from the outset that supply needs to keep pace with demand in order for agents to reap the full rewards of the post-lockdown momentum. We knew that vendors needed more support than ever to build stock and in turn sales pipelines, and we’ve worked hard to channel vendor interest and demand to agents quickly and efficiently.
“Buyer demand came back stronger than ever, quickly outpacing pre-Covid levels, once the market reopened. Agents registered the resurgence in buyer demand right away, with many home movers intent on finding a new property after a radical reassessment of their home during lockdown.
“By contrast, vendors were more hesitant, eagle-eyed and cautious about the residual uncertainty left in Covid’s wake. That said, the stamp duty holiday has galvanised them into action and the vendor leads delivered to agents has now reached a 2020 high.
“We look forward to celebrating these successes with our agent partners over the coming weeks and months, and to supporting the agent community as the market continues its journey to a full recovery.”
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