Unprecedented is a word we all hear a lot these days – but the property market is one area which really has seen change like never before. From cautious optimism at the start of the year to complete shut down during the height of the pandemic, markets are coming back stronger than ever with reports of rising house prices and insatiable buyer demand.
But what is the story in Redbridge? Is this mini boom sustainable in the long term? And if you’re thinking of selling, should you act now? To get some answers we delve into the local figures from the property portals with Azeem Salemohamed from East London estate agent Sandra Davidson.
“Generally it’s all very hectic – we’ve seen a lot of activity and, since last month; we’ve seen a lot more viewings and offers”.
Azeem S.
The data on people searching for properties speaks for itself. In August 2019 Sandra Davidson had 81,000 views of their properties on the portal Rightmove. This August’s figure stands at 124,000 – a 40% increase in people actively looking to move.
When it comes to physical viewings, 1,547 people viewed the agent’s properties this August – more than double the figure from a year ago (715) and proof that people are comfortable about getting out and looking at houses.
In July these high viewing figures weren’t necessarily leading to sales, but things are now changing. August saw 178 offers compared to 60 a year ago, with 30 accepted – double the number in August 2019.
Buying and selling at the same time?
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This demand is pushing house prices up with an average 2.5% increase in Redbridge, according to figures from Zoopla. Anecdotal evidence also points to people being willing to pay more for the right property.
Says Azeem, “There is a huge amount of demand from buyers, in spite of the fact that we formally entered recession last month and furlough is coming to an end. When people are falling in love with properties, they are going above the listing price.”
However, he sounds a note of caution. Where July saw a distinct lack of available properties, August has brought a huge spike in homes coming to the market – conditions could change if a tipping point, where supply outweighs demand, is reached as the recession begins to bite.
If you’re looking to move, Azeem’s advice is to take advantage of current conditions but make sure you choose your agent wisely.
“This is all really good news if you are looking to sell your property; to make your dreams come true and move up in terms of size. Now is a great time to get out and put your property on the market to achieve a premium and save on stamp duty.
“It may look like properties are selling themselves but it’s important to maintain a strategy. You need the right agent who can make sure you list at the right price, carry out viewing in a safe socially-distanced way and handle the volume of viewers coming through the door.”
“We provide bespoke strategies for clients to enable them to see in the quickest possible time and achieve the best price. But look at the figures – across agents, Rightmove has seen a 40% increase in acceptable offers in our area from August 2019 to 2020 – at Sandra Davidson, we have seen a 100% increase.”
Azeem S.
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