5 seconds on UK property:
- Listings fully recovered to pre-covid level
- Demand from buyers is high but patchy, 3D virtual tours working well
- Significant delays in mortgage valuations being booked in
Here at Movewise we haven't seen any noticeable change in the market this week. Now that the market is more normalised in terms of listing volumes and buyer interest (albeit with the well known constraints) we’ll monitor the impact on prices in the coming weeks.
There are still some strong messages coming through, particularly for those wanting to sell:
Demand is still high but supply appears to be patchy
Make sure the agents you speak to have good local knowledge and can back up any valuation they give with evidence.
Instruct a good agent with an experienced team
Talk to any agent you may potentially instruct about their team. Are they a full team back at work or are they still operating with some staff on furlough? How stretched are they?
Buyers want to deal with people
As the country continues to be in lockdown there is a real emphasis on buyers wanting to deal with people. You need an agent with a team that is empathetic and understanding of buyers requirements and needs.
Technology and property presentation
The technology being used for 3D showcase viewings is extremely useful. Make sure your property is presented well and looks appealing online. In most cases a potential buyer will see this before a physical viewing is arranged. Use an agent you know provides high quality photos.
Physical viewings and qualification of buyers
When conducting online viewings your agent should be qualifying buyers thoroughly before physical viewings are arranged.
Delays in mortgage valuations
We are seeing significant delays in mortgage valuations being booked in. Make sure your instructed agent is educating their buyers in regards to this. Pressure needs to be put on immediately when a sale is agreed.