21 Nov 2020
As we approach the end of the current lockdown, as predicted, those buyers that are looking to secure an offer on a property are actively out there viewing.
We have seen a number of cases again this week of multiple offers on properties and some properties achieving over their asking price. In most areas there is still plenty of choice so if you want to attract interest you need to be competitive in your asking price and if you are bullish in doing that you are likely to be very pleasantly surprised with the results.
This week has seen fewer listings but a very good number of enquiries from vendors who are looking to get their property ready to list as soon as lockdown comes to an end. We should therefore see a far busier December than we traditionally do.
We have also noted that stock levels on the market have been declining since the Summer in all areas except London. Most regions have -6% to -9% lower stock levels than mid August, suggesting a post-lockdown listing is an increasingly good time for vendors and January is highly likely to be an extremely good time to sell. The South West has seen the most dramatic decline of -14%.
Notably London stock has been much more stagnant and remains +11% higher than the Summer. This is not a surprise as the sales rate in London has been a measly 37% vs 60% for the rest of the country in this period. If you have been selling in London or are still trying, you can ignore the rosy headlines about UK property. The theme of the year has been “Move to the Country” and this is unlikely to unwind until covid is behind us and people are back to work in offices.
Solicitors still appear to have a large backlog of work with many buyers and sellers focused on exchanging or completing before Christmas. If you are on the market but not yet under offer, or you are about to list your property for sale, do choose your solicitor carefully and ensure that they have all the information they need from you to get going on your file as soon as you receive an offer. Here’s an article with more information on “Choosing a solicitor” and we have a recommended one we can get you to the top of the pile with; if you’d like a quote click here.