New listings and sales agreed have fallen by 70% since the government lockdown amid the Covid-19 crisis.
According to a report by Zoopla and Get Agent, Google search volume of buyer and seller keywords decreased by 54% and 62% respectively between mid February and the end of March.
This included search terms such as “Rightmove”, “Zoopla”,”house for sale”, “estate agents” and “property for sale”. The data also found new listings took a nosedive from 8,535 in February to 672 by the end of 6 April.
However, Zoopla claimed the number of properties for sale per estate agent is just 1% lower compared with 7 Mardh, as vendors and agents maintain live listings.
Richard Donnell, research and insight director at Zoopla, said: “The impact of coronavirus on the property market might be far-reaching, but after a rapid decline in market activity most indicators are now stabilising at levels well down in what would be expected at this time of year.
“So much so that market activity is currently in line with that recorded over Christmas 2018, when the market backdrop was weak and consumers were also grappling with Brexit uncertainty.”
He added: “While the recent drop in activity has been sharp, the market has not ground to standstill. There is still activity going on, just at much lower rates than you would expect in a busy spring market.
“Consumers continue to engage with what is on the market and continue contacting estate agents, planning ahead for when restrictions are eventually lifted.”