The National Picture
Rightmove has again reported record figures across the UK, sales detail views were 61% higher than the same week last year and this was also reflected in the CR postcodes.
Coulsdon and Purley
Last month we gave an overview of what had happened in the period from 18th-31st May as the market opened up very swiftly.
This month we have taken the figures from 18th May to 30th June 2020, compared them with the same period last year and also the figures from 1st January to 30th June 2020 and compared them with the first half of 2019. The results speak for themselves.
To start with applicant registrations for the period 18th May to 30th June 2020 have increased year on year by 182%! This emphasises that although the housing market got off to a good start in May, momentum has continued through to June and is showing no obvious signs of slowing down.
If we extend this period from 1st January to 31st May, the number of applicants registering has seen a year on year increase of 45.5% showing that within Walter & Mair there are extremely healthy buyer levels despite nearly two months of lockdown.
Couple this with a possible temporary suspension of stamp duty, we could see demand rise to unprecedented levels resulting in a rise in house values.
Of these buyers who are registering 53% are from London Boroughs (excluding Croydon), 27% are from other postcodes within Croydon and only 14% are living in Coulsdon and Purley. It is evident that there is strong sentiment from people to move further out of London, whilst wishing to maintain access to good transport links and be within the catchment of the superb schools that our area offers.
The number of viewings conducted from 18th May to 30th June, saw a huge increase of 318%, with a continuing appetite from buyers motivated to move.
When we studied the viewing figures last month, for the period 1st January to May 31st, viewing figures had fallen year on year by 18% due to a period of 8 weeks where we were only able to conduct video tours. We had anticipated that by the end of July 2020, the viewing figures would have exceeded last year’s numbers. As of 30th June 2020 despite 8 weeks of inactivity, the viewing figures have still shown an increase of 2.35%.
The number of offers made increased by 22.7% in the 6 weeks leading up to 30th June compared to the same time last year and this is in line with the increase year on year, for 1st January to 30th June which showed an increase of 26.77%.
We have always considered Coulsdon and Purely to be in a bubble when it comes to the property market, as it has always been buoyant despite some unfavourable economic conditions. The statistics that we have seen over the past few weeks confirm that the desire to move into our area (and within the area) remain strong.
Why our Video Tours are so successful
We were active throughout lockdown, conducting 1:1 video tours with prospective buyers. Since reopening our office and being allowed to conduct physical viewings 7 weeks ago, it has been busier than ever and buyer sentiment is strong.
We are still conducting video tours on most properties wherever possible, before arranging a physical viewing, should the applicant like what they see. We know that we are in the minority…..but it’s working really well for us.
We see these as a huge benefit to our clients for many reasons and as far as we are aware we are one of very few agents conducting viewings in this way. The video tours:
1) Reduce contact by only bringing people into a home who have already fully viewed the property and are interested to view in person. This supports current government guidance and legislation.
2) Enable us to remain in control. It is crucial that we control who sees the video tours – both from a security perspective and from obtaining feedback. By conducting a 1:1 zoom tour, it allows us to further qualify a buyer, and we can also answer questions they may have.
3) Are not sent as a link to a potential buyers. This eradicates the window shoppers and encourages buyers who are willing to commit their time to a video tour.
4) Are full video tours – not just a photo slideshow.
5) Are at no extra cost to our clients.
We have seen many other versions of online viewings presented in many different ways, with some agents bypassing them completely, but we remain certain that a 1:1 video tour remains the best option for our vendors and buyers.
Whether you are on the market already or are thinking about moving soon, we would love to help you make your home moving dreams a reality. If you have any questions not covered here, please feel free to email me on toby@walterandmair.co.uk or call on 020 8660 6674 and let’s get you moving.
Toby
