Latest News

Underinsurance – a hidden risk, how to protect your business

11 June 2021

Inadequate or insufficient insurance cover may result in serious financial loss and can affect organisations of any size, and the pandemic has resulted in many businesses reviewing their cover in a more challenging environment. Read More...

Capital Gains Tax review – recommendations for UK property tax return

10 June 2021

The Office of Tax Simplification (OCT) has published the second report of their review of Capital Gains Tax (CGT) that sets out what could potentially be done by HMRC to raise awareness among taxpayers to help them meet their CGT 30-day reporting and paying obligations. Read More...

Flagship First Homes scheme launches

04 June 2021

Housing Minister, Robert Jenrick MP, announced today, 4 June 2021, a new First Homes scheme of discounted houses for local people and key workers in England with the first properties going onto the market in Bolsover, East Midlands, as part of the first phase of an early delivery project. Read More...

 

Record breaking activity in regional markets across the UK

Monday 19 April 2021

Market activity continues to grow and the appetite from prospective buyers is such that many properties are not being listed on the property portals, as agents focus on fulfilling Consumer Protection Regulations, completing Property Information Questionnaires, and marketing properties to those proceedable buyers, already registered with the agency.

Managing the expectations of buyers and vendors is key to skilled, experienced agents as issues arise with valuations, expectations around offers, conveyancing, and sales progression.

Some agents are reporting overconfidence, with vendors happy to sit tight and wait for the next offer. In rare cases, it has resulted in sellers disagreeing with valuations, potentially fuelling the incentive to overvalue property to appease customers.

Although the latest Propertymark Housing Market Report does show a small rise in the number of properties selling for more than the asking price, the figures represent only 11 per cent of homes sold in February. The majority (57 per cent) sold for less than the asking price, highlighting the need for vendors to be realistic despite the booming property market.

Demand high but supply still an issue

While supply remains a high-profile issue, which is impacting fees, stock is coming to market for a range of social reasons, and this is expected to continue.

Branch managers are reporting being so busy, they don’t have the time to upload new properties to their own websites, meaning it’s vital that customers contact agents directly if there’s a property they are interested in.

Holiday lets popular

Sales of holiday lets remain extremely buoyant, not least as the latest guidance now allows for overnight stays in self-contained accommodation for individual households, allowing longer distance travel for viewings.

Quote mark

This is unprecedented, we are getting so many enquiries that we simply don’t have time to use property portals. Demand is so strong that the length of time to fulfill a sale is less than half what it was last year.

Some vendors are coming to market, having seen comparable properties selling for more than the asking price and confident they’ll be able to do the same. In what appears to be a rising market, it’s crucial to give realistic valuations to manage expectations.

Katie Griffin

Katie Griffin
Propertymark Board Member and West Country Regional Representative