Since the end of the property market lockdown on May 13th the number of transactions has gone through the roof, with a lot of estate agents reporting their busiest summer months on record.
After 4 years of uncertainty caused by Brexit and a backlog of buyers and sellers putting their plans on hold, plenty of people were gearing up to move in 2020 when Lockdown spoilt the party. After we were allowed out to play again, the situation had intensified as even more people decided they needed to move. Lack of space available for those finding themselves working from home galvanized many Londoners to accelerate their plans to move, with the consequence that the demand for family homes in the southern counties went stratospheric. This happily coincided with a good pent-up supply of new stock.
In the £1.0m to £4.0m range more houses than ever sold before the agents had the time to put the brochures together and so they never made it to the property portals. Buying agents have been rushed off their feet and since lockdown the Stacks Hants/Surrey/W Sussex office has continued our ratio of 80% of the houses we bought for clients not being advertised on the internet.
There is still a lot of demand for good family homes and going forward I expect prices to remain level in the south, despite the probable upcoming economic woes and unemployment. I fear the problem may be on the supply side, especially with the uncertainty caused by lockdowns and curfews making a reappearance.
The benefits of instructing a buying agent based in the area you are looking who has expert knowledge, good local contacts, an excellent track record and a close relationship with all the local agents, is paying huge dividends in the current climate. We continue to get fantastic testimonials from our clients who have experienced the high level of professionalism and bespoke service that Stacks provides. Our local agents know which pubs are noisy, which roads are busy and where the flightpaths are, despite some of these not being completely apparent in the current situation. In 2020, local knowledge and contacts are more important than ever.