We are well aware of our position 'at the coalface' of the local market and with a raft of reports and data also available to us from sources across the country, we thought you may appreciate a filtered recap of the property market in the first quarter of 2020.
Political certainty provided by December 2019's general election allied with seasonal activity boosted January and February's confidence and activity - to the extent that central prime London, for example, recorded its first price rises for 5 years.
Our in-house data suggested buyer activity to be 11% higher than the same period last year which in itself had been a period of good activity and that activity had, for the most part, continued through 2019 despite Brexit uncertainty - testament, more than likely, to the long-term desirability of our area.
In short we headed into March and the eventual lockdown with good activity levels, increased confidence, increased buyer registrations and a pent-up demand frustrated by lack of supply and choice in the latter part of 2019 and over the winter.
Over the past month there has been a false understanding in many quarters that buying and selling a property is impossible. This is simply not true though there are certain elements of the process that have been logistically hindered though these do now appear to be loosening up. We have successfully exchanged, completed and agreed new sales in this lockdown period and through the course of April the number of online viewing requests and buyer registrations has increased dramatically with virtual viewings becoming a key tool for viewers planning their next steps. Visits to our website have tripled during lockdown. We are very pleased that, with some sideways thinking and ingenuity, we have been able to continue what we do and helped our sellers to minimise the effects of restricted movements.
The mortgage markets, having been overwhelmed by the situation in the first two or three weeks, are active again with protocols in place to now facilitate valuations. Lenders are looking to do business. Searches have been possible and solicitors, though often working with reduced staffing levels, have been able to adapt to the home-working situation and sales are progressing.
The next few weeks and the duration of restrictions on all of our day-to-day activities will have a strong effect on how 2020's property market regains its momentum though our experiences in this first quarter suggest that, with our area maintaining its attraction to buyers, there will be a spike of activity that has been held back and the right property, marketed in the right way and at the right price will sell.
So, for a personal review and an understanding of your own possibilities in this market, please give us a call.
