Premium market thriving since market reopened

Recent data reveals that the property market is in an encouraging position since reopening a month ago, especially within the upper quartile of the market, says Nicky Stevenson, MD of Fine & Country UK.

“Many would have thought that a lot of transactions would have fallen through as a result of the lockdown, however, most remained intact and were merely put on hold until they could resume.

“According to the Dataloft Homemover Survey, 95% of vendors whose homes were on the market before lockdown still intend to sell and 92% of buyers who were searching for a new home before lockdown still intend to purchase a new home,” says Stevenson.

She notes that recent statistics from TwentyCI, a strategic data and insight specialist, revealed that during the first week of June, the English property market thrived when compared to 2019 norms.

“According to the report all regions bar the North East are seeing an increase in property coming to the market.

“Also, all regions, except for London, are seeing an increase in sales agreed,” says Stevenson.

“All price bands are also currently experiencing higher volume of property to the market, with the exception of properties priced below £150,000 where volume is 28% lower.”

Fine & Country notes that property in the highest price band of £1+ million is coming to the market at a rate which is 47% greater than 2019 norms.

“This is brilliant news for the premium property market and highlights that now is the ideal time for agents operating in the upper quartile of the marketplace to increase their market share,” says Stevenson.

As the property price bands decrease, so does the percentage variance from 2019.

When compared to 2019 norms, new instructions in the £750,000 to £1 million price bracket are approximately 33% higher; the £500,000 to £750,000 band is around 22% higher; and homes prices between £250,000 to £500,000 are about 12% higher.

What does this mean for sales? Stevenson says there is a similar pattern.

“The volume of sales agreed follows the same path as the new instructions and is also greater than 2019 norms, particularly at the £1 million plus level.

“Simply put, the market is far more active in the premium property sector than it was this time last year and the higher the pricing bracket the higher volumes of activity.”

“This is really interesting, and certainly worth considering where efforts are best spent with prospecting and lead generation, as right now, the top end of the market seems to be where the focus should be,” says Stevenson.

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4 Comments

  1. James Wilson

    Is it a surprise that there is a stampede to sell?  Everyone can see that prices are going to collapse like in 2008.  But how is data showing people rushing to try to sell evidence of a “thriving” market?   Based on the evidence presented, a more accurate headline would be:  “Premium market inundated with sellers since market reopened”.

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    1. PeeBee

      “But how is data showing people rushing to try to sell evidence of a “thriving” market? “
       
      Erm – I think you’ll find that this covers it pretty much:
       
      “What does this mean for sales? Stevenson says there is a similar pattern. “The volume of sales agreed follows the same path as the new instructions and is also greater than 2019 norms, particularly at the £1 million plus level.”
       
      Here’s a new take on an old saying just for you, Mr Wilson…
       
      Better to remain silent and be thought a fool than to post complete b0110cks on PropertyIndustryEye and remove all doubt.

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  2. Countrybumpkin

    Sellers… And buyers.

    Perhaps regional successes but very good where we are.

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  3. surrey1

    The majority of buyers we have in circulation registered pre-lockdown. There hasn’t been a huge surge of sellers, mostly probate stock, but what is coming on is going pretty quick.

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