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1st June Statement on Coronavirus


Market Overview

Following our last update on activity within the sales and lettings market, we are able to provide some intel for May and a forecast for June, which is heavily lead by key indicators on traffic from the portals and our own website  prospect.co.uk. The turn of this year started in the best way possible for both parts of the sector with sales and lettings recoding good amounts of activity and really giving weight to the aptly named ‘Boris Bounce’. As you will see in the graph, internet enquires have already increased for sales, meaning in this short window lots of people are now looking. To confirm whether this is valuation lead enquires or applicants, this morning we have 466 internet enquires and only 47 requests for valuations. This shows that 90% of the graph stats are applicants registering interest in our properties.

In the month of May, we have managed (mostly in the last two weeks) to agree 145 sales/lets to which we are delighted with after being given the unexpected announcement to get back to business in May. With Video providing a new buzz around the industry, we are able and very keen to watch whether we can maintain the quality of actual apportionments taking place by our approach of ‘Video First… Viewing Later’ thus creating the ultimate second viewing. This is backed up for May at least with sales showing a viewing to offer ratio of 1- 3.6 (prior to video it was typically 1-10) and for lettings 1- 1.84 (prior typically 1-5). The question is whether it is the quality of buyer/tenant or the video impacting this. Will we, as normal returns, fall into the trap of doing things the old way again? … This will very much depend on demand and will be buyer and tenant lead.

Of course a lot of people are asking ‘what’s happening with prices?’. In the month of May, out of the sales which we agreed, the difference between asking price and the sale agreed price was 3.4% and for lettings 0.85%. Which shows no real change on the first 3 months of this year!… A lot more questions will be answered in the month of June in relation to whether this is sustainable, but early signs do without question show this could not have started any better.

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