Last week saw a good level of activity both in relation to properties coming onto the market and those looking to buy. Having noted for some time that although there is a great market out there, it is price sensitive, it is interesting that we have had a few properties this week that have come onto the market at a sensible price point, have all generated 20+ viewings and are likely to go to competitive bidding.
If you are looking to list your property and you are wanting to catch the market, ensure that you use an agent who is experienced and has good local knowledge. Choosing an agent who is an expert in the area should not only ensure that you get the asking price right but it will also mean that they are far more trusted by the buyers registered with them.
We are finding solicitors much easier to get hold of this week and the majority of sales are now progressing very nicely as they work through the stamp duty backlog. Regardless of whether you are selling or purchasing a property, keep in touch with your solicitor and make sure that they are focused on your sale/purchase. If you have a proactive agent, they should also be able to keep you up to date with progress.
Expect to see adverts for Strike, the free online agency, hitting your screens soon. They just raised £11M and cut a deal with Channel 4 Ventures. We thought it was worth revisiting their performance: Are they actually any good at selling houses?
The answer is: they aren't that bad at selling cheap ones (the homogenous, highly liquid type). They performed similarly to the largest traditional agents in the low (£1-200k) and medium (£200k - 500k) price brackets. With an average sole agency fee of 1.2%+VAT Strike is possibly saving customers between £1,000+VAT and £5,000+VAT in estate agency fees for a similar chance of achieving a sale. However, we noted that the frequency of price drops was higher with Strike and the average price drop was 1% more, roughly eliminating the benefit of the free agency.
However on properties above £500k in value they were pretty awful at selling them with a very low sales rate of 46%.
Movewise outperforms these agents in all categories and whilst we of course have lower volumes at this stage, we had 19, 14, 15 sales in the low, medium and high categories so the fact we can sell 100% of high value listings shows we are leagues ahead of both Strike and the leading sole agent.
Our hearts go out to those young England penalty takers, we hope they can convert the pain into fire for the next tournament. Bravo for getting to the finals, what an achievement.
Have a great week.
The Movewise Team