The bounce off the bottom

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5 second flash read:

  • Listings off the bottom. Now -55% down from pre-covid level

  • Strong rebound in listings the South: London back to early January levels

  • Some buyers trying to renegotiate prices but relistings are seeing lots of interest (virtual and physical) - don’t be hustled!

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We’ll keep this page updated with the latest most useful information. Let us know if there's stuff you want to see.

Buyers: Agents are inundated with enquiries again this week and are bringing their staff out of furlough and into the office. They are dealing with volume that has built up during lockdown as well as new interest. In general, buyers are being offered virtual viewings in advance of physical viewings and this appears to have been well received.

Sellers: Numbers of valuations are starting to build but there is still a shortage of stock as many sellers wait to see whether this pent up activity results in a good volume of sales being agreed. The good news, if you want to sell, is that there is still a lack of property to choose from.

Viewings: Most agents started physical viewings on Monday 18th May and by Tuesday 26th May. Almost all agents will have big enough teams back in the office to be carrying out some degree of physical viewings. Many agents are insisting buyers have virtual tours ahead of physical viewings and most agents have strict regulations in place before allowing any physical viewings. In all cases, physical viewings are only taking place where vendors are comfortable to allow people into their home.

Sales progression: All properties that are under offer are now proceeding to exchange. Unfortunately, some agents are seeing re-negotiations in price in some instances. However, these properties, when they have come back onto the market have very quickly received fresh interest and offers. Conveyancing firms seem to have been a little slower to bring furloughed staff back to work and so we are still seeing those that are working are pretty swamped with files. As always the Movewise Team will be doing all they can to make sure our clients are 'top of the pile'.

Have a great weekend.

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