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Start of the unwind

14 Mar 2021
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Start of the unwind
Daily listings rise 31% in a month

This week in five seconds

  • The “move to the country” effect is starting to unwind and demand for city property is picking up
  • Listings are up 31% since February
  • Buyers are increasingly taking their time as more stock becomes available
  • We support The Times campaign to: Get Britain Moving: Speed up. Streamline. Save Money

Unwind of the “move to the country”

The coronavirus pandemic temporarily influenced property demand in two significant ways:

  1. Demand for outside space rose, whether that be a property outside a city, “the move to the country”, or just a larger garden.
  2. Demand for properties in cities without outside space fell. Why would you buy a flat in a city when you are unable to go outdoors, benefit from all the good things cities have to offer or go to work?

We are now seeing the start of this unwind.

As people increasingly return to work in cities, and the pandemic is expected to end, the relative demand for those inner city properties is starting to rise.

We have seen a number of the London properties that were sticking now getting interest from buyers who are likely to be commuting back into the city again.

 

New listings rising faster than buyer demand

The first thing to happen as we “unwind” is all those sellers who didn't need or want to sell during the pandemic are now starting to list. Average daily listings are now 5,500 up 31% from the same date in February.

A lot more property is coming onto the market and we are arranging a lot of valuations. We are hitting a spring market in combination with the extended stamp duty holiday.

This move is coming off a low base with stock levels at a six month low, 30% lower than the levels of September 2020.

 

Buyers have more options and know more is coming

Buyers are taking a lot of working with as they have more choice and more confidence that more property is being listed. The number of buyers will take time to catch up with listings.

 

The Times campaign: Buying a home can become a quick and painless process

The Times is launching a campaign to “Get Britain Moving: Speed up. Streamline. Save Money.” It has two main aims. First, to reduce uncertainty by introducing reservation agreements, which would make offers legally binding. Second, there would be greater transparency through the use of digital innovation to create a faster, more secure, less stressful way to buy property.

At Movewise we wholeheartedly support this and our business was founded to achieve these same goals. We support this not just in the offer-completion process but also in the “getting an offer” period.

Movewise achieves better results for property sellers by: 1) Picking the best agents using data. 2) Not getting stuck or forced into price reductions with a sole agent 3) Managing sales progression properly on all transactions 4) Digitising this and bringing the best of proptech to the industry for any vendor with any agent.

It's not clear to us whether reservation agreements will become widely accepted but if they are we will be the first to offer them to help our clients secure their sales. As for the digitisation we will be releasing a number of products over this year to digitise not just the sales process but also specific solutions for probate solicitors, developers and landlords to help with their sales with any agent in the UK. Watch this space.

 

Have a great week.

The Movewise Team

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