07 Oct Introducing PropCast Essex, The New Property Heat-mapping Tool
PropCast determines the temperature of a market by counting the number of properties for sale and calculating the percentage of these that are under offer or sold subject to contract: 0%-20% is very cold, 20%-35% is cold, 35%-50% is hot and anything above 50% is very hot – portrayed as degrees.
Available on TheAdvisory website, users simply input their postcode and PropCast™ will report on current market conditions, show historic trend data and display heat maps of adjoining local property markets.
Homeowners are then invited to request a free analysis of the market tailored to their specific property, coupled with a strategy blueprint with instructions on how to use this information to get the sale they need, no matter how hot or cold their market is.
PropCast works by reporting on buyer demand levels and calculating ‘sold STC’ and ‘under offer’ properties as a percentage of ‘total stock’ for sale, down to postcode district level.
The official PropCast™ formula is:
PropCastTemperature (°) = (Sold STC+Under Offer) ÷TotalStock inc SoldSTC and Under Offer
Where the data comes from
3rd party property market data specialists supply the raw data for PropCast. They provide a whole of market view of all publicly available properties across England & Wales by aggregating data from multiple sources.