The property market in the southern counties is open and BUSY
The property market lockdown ended on May 13th and in the three weeks that have passed since then, Estate agents and Buying agents have been very busy with new enquiries from potential buyers. Viewings have recommenced under strict regulations and deals have been done. Very few deals in Surrey, Hampshire & West Sussex that were agreed before lockdown have fallen through and most of those that did have been snapped up again quickly. Estate agents are busy valuing properties and already we have seen new stock coming onto the market. All the signs are indicating an active market over the second half of this year, with demand probably outstripping supply.
Most of the new buyers we are seeing are from London. It appears that life during lockdown has demonstrated to many people that the benefits of living in the capital are not enough to outweigh the advantages of a bigger house and garden that they could afford by moving further away. The other very crucial factor is the enormous number of employees and companies who have discovered that they can all work from home. If people only have to be in their offices to meet clients, and therefore would only have to commute one or two days a week instead of five, then living closer to the office may no longer be necessary.
Another stream of enquiries has been from potential buyers looking for a second home in the UK, in the countryside or near the sea. Not being able to go on holiday for the last 3 months has refocused some people’s holiday thoughts back to the UK; in particular those who have holiday homes abroad and have not been able to access them. This office and our branch in Cornwall are busy and we are continuing to get a lot of enquiries.
Going forward, we will continue to see solid buying interest in the southern counties for the rest of the year. Supply will increase over the next couple of months and I believe transaction levels will be high. Good houses priced correctly will sell quickly and possibly in competition.
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, will pay dividends in the current climate. At Stacks we have been doing video viewings for our expat clients for the last twelve years. Our local agents know which pubs are noisy, which roads are busy and where the flightpaths are, despite none of these being completely apparent in the current situation. Local knowledge and contacts are more important than ever.
