House Market Update During Lockdown

cove week 5 icon

Relentless and here for a while

The bleak headlines about the impact of Covid-19 continue and of course our hearts are saddened by the relentless loss of life for frontline NHS staff and Covid-19 affected patients alike.

Any thoughts about how and when an early release from lockdown might occur, must of course be balanced with the high probability of new after waves of coronavirus cases occurring post lockdown, with perhaps the inevitable mini lockdowns being put in place from time to time. There are valuable lessons to be considered from past pandemics especially about the exit stages.

We can be certain that our exit from the current lockdown, will not mean a return to normal in many aspects of day to day life. It is likely we will continue with social distancing and simple matters like viewing property, will be conducted in a similar manner to that which occurred just before the lockdown started.

The House Market

As I mentioned in our last update, writing a few lines about the property market right now doesn’t seem that important in the current circumstances, but house sellers, landlords, buyers and tenants continue to seek insight, because the prospect of needing to move house is still a journey they will embark on post lockdown.

Buyer Attitudes

I remain impressed with the resilience of house buyers, who continue to remain upbeat about their moving plans. This positive attitude is supported by the fact the 95% of the sales arranged we had in place at the start of lockdown, continue to remain in place with vendors and purchasers keeping focused on the opportunity to exchange and complete some time soon.

Other mini indicators of buyer intent are told to me by staff, such as Matthew Fenn from our Fleet branch who has 27 buyers who want to view specific properties as soon as lockdown is over.

Contracts Are Exchanging

Some house sales are progressing to the exchange and completion stages during lockdown, mostly by exchanging and completing on the same day.

Two examples of this in the last week include a £400,000 guided house in Fleet (top image below) and stunning country house conversion in Winchfield at a guided sum of £1.250m. (video below). These special cases where exchange and completion can happen are frequently new house purchases where there are no chains.

VIVIAN EXCHANGED

Exchanged and completed last week

Play Video

Exchanged and completed last week

Working From Home

Creating new sales is virtually impossible due to viewing restrictions, but our negotiation staff are keeping closely in touch with buyers on our books, by phone, email, newsletter and even video presentations. This means that post lockdown we are already creating a list of buyers who want to view specific properties as soon a we are release from lockdown.

More Vendor Inspired Video House Marketing This Week

Many clients continue to ask if we could produce video content of their property if they sent us video clips and still photographs, this enabling them to go on the open market now.

Some of the latest collaborative results are below.

Preview – due to the market soon at Est. Guide £1,675,000

New to the market – Guide £850,000

This works by vendors sending us the video clips and then with some editing help from johnjoe.co.uk a promotional video tour is created.

We look forward to many of these collaborative home grown marketing initiatives in the weeks ahead.

The Week Ahead

In the week ahead we will be giving special focus to our new homes selection of properties for sale, because as we emerge from lockdown we believe the attraction of owning a new home will be higher than usual.

Right now we have 13 new homes development sites available for sale, showcasing a most diverse range of interesting properties for 2020, in amazing locations from rural Eversley in Hampshire, to Virginia Water in Surrey.

The developers we are representing in 2020 are as diverse in size and their personal history as you can imagine, but they all share the same passion for creating beautiful homes and leaving a legacy to their brand and reputation.

Click some of the links below to preview some of the new homes available.

We will provide another market update in a week or so, and you are of course welcome to subscribe free to our newsletter (just click the link near the bottom of our home page).

In the week ahead we will no doubt continue to think, reflect and pray about key workers and NHS people and the risks they face each day at these times. 

John Holden – Chairman and Managing Director

House Market Comment During Covid-19 Lockdown

covid-new-heading-item-news-page

Insight from last week

A week on from Covid-19 lockdown, and we are starting to get used to living and working in a very different way with some success, a lot of challenges and the unexpected.

We temporarily closed our branches last Monday evening as part of the lockdown process going on throughout the U.K. Right up to that day the market was fairly busy with last minute viewings, during which we conducted the systems of safe distance, latex gloves etc. which we had introduces weeks prior to the lockdown.

In the last week there were many practical issues, such as the six house sales completions on the day the Government suggested house moves be deferred. All six went ahead, because it was just too late to stand down and three of the transactions were in fact to empty properties. On the lettings front, we had different challenges such as it being virtually impossible to get independent inventory inspectors to attend tenancy check in and check out. Many tenants are now opting to extend their existing leases.

House Move Timing

Only three existing house sales fell through, and in each case there was an elderly persons on either the vendor or purchaser side. In such circumstances it wasn’t surprising and bearing in mind the hundreds of house sales we handle at any given time, the loss of three was minimal in context.

In fact, in the vast majority of house sale cases both parties are simply proceeding to exchange and agreeing a late completion date, which in some cases is capable of being brought forward by the parties agreeing a 28 days notice. So, most existing sales are managing along these lines.

McCarthy Holden estate agents sold board

What about creating new house sales?

Creating new house sale is not so easy, with the ability to do in-person viewings now removed. What is happening instead is that buyers are continuing to show keen interest, and simply asking to be place on a viewing list for when the in-person viewings are capable of being undertaken again.

Inventive solutions by our vendors

The biggest surprise this week, was in the form of many clients asking if we could produce video content of their property if they sent us video clips and still photographs.

McCarthy Holden is well known for using video to showcase properties for sale, so our wonderful customers decide to put their spin on this endeavour and suggested a collaborative approach.

Vendors send us the video clips. and then with some editing help from johnjoe.co.uk a promotional video tour is created.

Check out this first creation below from one of our wonderful clients in Fleet, Hampshire who is selling this house which is guided at £750,000.

Now this first collaborative video is a little too long, but the home owner is such an engaging person and so at ease with talking to camera we have run with most of her content.

We are now issuing guidelines to our video focused vendors, which includes the specification of 1920 x 1080 size and MP4 output. The ideal duration for a full property video tour online is 4 minutes. This means the file size is suitable for quick streaming online and also, it is at the maximum time a potential buyer is likely to watch a video.

We also supply links to a some recent videos produced by johnjoe.co.uk which might help vendors plan for capturing some content at home.

Teaser short video – https://vimeo.com/392560182
Normal full length – https://vimeo.com/390207931
Normal full length (just agreed a sale last week 1,300 views of video) – https://vimeo.com/356168136

We look forward to many of these collaborative home grown marketing initiatives in the weeks ahead.

We will keep our customers in touch with market conditions and news through our newsletter, which is free to subscribe to.

We wish you a safe week ahead.

John Holden

Chairman and Managing Director – McCarthy Holden

×
Find a Property
M
Country & Equestrian