Now that we are one week into lockdown we are starting to get a feel for the reaction of both buyers and sellers. Viewing numbers, as predicted, have dropped but that has left us with the most motivated buyers still out viewing properties.
Some properties are generating enough interest from proceedable buyers that we are seeing bids and even competitive bidding for fairly priced properties.
Over the last two weeks listings across the UK have remained constant at ~5,400/day and sales are down just -7% to 3,650/day. Much less than the decline seen in Wales during their recent firebreak lockdown and nothing compared to the first UK lockdown in March 2020.
We also anticipated that agents would react differently and this has also proved to be correct with some agents still with full teams and others working from home or furloughed.
If listing your property now make sure that the agent you choose has a full team ready to get on the phones and generate viewings on your property.
The majority of agents are reporting a decline in listings so if you are a keen seller, listing now could be advantageous with potentially less competition in the market.
We envisage that early December, if lockdown is lifted, is likely to see higher activity from both buyers and sellers trying to secure sales that have a chance of going through before the end of the stamp duty holiday.
We therefore think listing now could be a very effective way to get ahead of the rush and in front of the keenest buyers. If you are unsold by Christmas we can take you off the market ready to relist in January.
Have a great weekend.
The Movewise Team