Estate Agents’ Local Property Market Comments

Senior regional figures at major estate agent Connells have given us their views of their local property markets right now.

Louise Savage, Connells New Homes director, South East (Kent, Surrey & Sussex)

Enquiry levels were surprisingly strong during lockdown but have risen since the market has reopened. I would say we have had a flurry of activity over the last 10 days which is over and above what we saw before coronavirus appeared. It’s hard to say if this will continue, I’m cautious by nature but fingers crossed that many are starting to feel more comfortable now that we have our ‘Covid-Secure’ measures in place for viewings and appointments.

Visitor levels are good – not quite up to the levels that we have enjoyed previously, but customers who are visiting are people who want to buy rather than browsers considering a move soon. On one of our sites (where we are restricting to four appointments a day in order to clean between visitors), we are already fully booked until next Sunday (the site is open seven days a week). This is quite a rural site next to a lake and in a country park in Kent. We are also seeing good activity on another really rural scheme that previously was only seeing two/three visitors a week (we had six this weekend and two reservations) – this one in East Sussex. This seems to suggest that some customers are liking the idea of living in a more rural setting – perhaps if they are now able to work from home more they can move further away as the commute is more manageable for fewer days.

Shared Ownership interest has remained at the high level that it was pre-lockdown – affordability is a big factor here! Although these sales are trickier to tie up as lending options are hugely restricted. However, we are still managing to agree sales and start the legal process whilst the lenders get back to a capacity that includes these types of homes.

Many developers are now offering incentives which is helping to attract buyers, especially first-time buyers who are definitely still in the market (although again have less choice lender-wise). For some, I think a few months at home with family during lockdown may have provided the motivation to look for their own home, and perhaps with their parents providing a deposit!

We always see quite a few customers coming from London (the outer edges inside the M25 also), so I don’t know that we could say as yet that there is a trend during this time, but it makes sense that this could be even more of a desirable option than it was.

Hannah Kelham, head of Connells New Homes East Midlands

Burnmill Grange, Market Harborough

It’s mostly the same in the East Midlands as with the South East at present, but as for people moving out of the city, we are perhaps too far North and have yet to see much evidence of that. The quality of the viewers and the pent-up demand it definitely high, with lots of genuine and committed enquires. On one of my manned sites who are offering key worker incentives, had four viewings, and whilst we normally see double that, these resulted in three reservations.

Shared Ownership enquires since lockdown have been strong throughout, however, the issue we had was a lack of lenders offering products which is getting easier now that restrictions are lifted and is good news for buyers.

Throughout lockdown our portal enquiries were the highest in the country, and we managed to sell from £92K up to £850k. We have also had no down valuations on plots we had surveyed in lockdown which is really positive. Although it’s early days, I would say that the initial signs in the local market are promising.

Andrew Stone, senior land and new homes director, William H Brown Norfolk

‘Whilst it is very early days, we have seen an incredibly strong return of interest in Norfolk almost as soon as the market was given the green light on the 13th, with some schemes already taking three or more reservations in the first week back. Sentiment seems really strong which is great to see, with lots of customers keen to get things moving, and other agents are reporting similar, especially in Norwich. In terms of interest, this seems to be across the range with us receiving and converting interest on properties from £120,000 to £600,000.

Kate Draper, new homes area manager, William H Brown Yorkshire

A great deal of enquiries were being received during lockdown and since relaxation, with requests for viewings at approximately 25 per day. As is being seen in many areas across the country, the main interest seems to be in Shared Ownership units, although other enquiries were, and still are buoyant. Now that viewings can take place safely I would hope to see this interest converted into sales, however, further lender relaxation will be required before we can arrange finance for many applicants.

Find out more at www.connells.co.uk.