SALES SURGE PUSHES NEW-TO-MARKET PRICES TO RECORD HIGH

Latest report our from Rightmove today suggests the market is moving.

At Williams & Goodwin we concur that February was a good month of property sales being agreed, which has continued into March. Here is a summary of the report and link to full report:

• Average new seller asking prices hit record high of £312,625, pushing annual price growth to 3.5%
• Record prices fuelled by strong buyer demand and lack of supply compared to the same period a year ago:
• Number of sales agreed up by 17.8%, to the highest at this time of year since 2016
• Properties selling an average of 6% faster nationally, and 18% more quickly in London
• Disparity between supply and demand as new seller numbers rise by just 1.2%
• Rightmove recorded five busiest days ever in February
• Hard to predict how post-election boost will be affected by unknown impact of coronavirus

Williams & Goodwin The Property People Ltd

MAKES SHORTLIST IN BIGGEST AWARDS FOR
PROPERTY PROFESSIONAL IN THE UK

Williams & Goodwin The Property People Ltd have been recognised for delivering outstanding customer service to its clients, making the shortlist of The ESTAS - the biggest award scheme in the UK residential property industry.

The ESTAS, sponsored by Zoopla - the UK’s most comprehensive property destination, honours the best agents, conveyancers and mortgage advisors in the UK. The awards are powered by The ESTAS’ online customer review platform, which enables property professionals to demonstrate the customer service standards they deliver for their clients. ESTAS reviews can only be completed at the end of the transaction and a strict verification process ensures reviews are genuine.  This year’s shortlist has been calculated following the evaluation of 47,000 client reviews.

Estate & letting agents have been shortlisted in 20 regions around the UK.  The regional and national winners will be announced at the 17^th annual ESTAS ceremony at the Grosvenor House Hotel in London on 15^th May.  The awards will be presented by TV property expert Phil Spencer in front of 1,000 of the UK’s top property professionals.

Spencer said: “The ESTAS encapsulates what your typical agent is trying to do, which is to provide an honest, transparent service for their clients, and are based on real feedback, from real clients experiencing real service from agents.

Good customer service is imperative within the estate agency industry, and there is a renewed opportunity for high street agents to show the general public that service does really matter. Traditional agents do an incredible job for their clients in a process that is littered with potential pitfalls and the ESTAS celebrates those who go above and beyond.”

Commenting on The ESTAS, Charlie Bryant, CEO at Zoopla - the Headline Partner of this year’s awards, said: “Zoopla shares the core principles of excellence in customer service with many agents in the UK, and we are unwavering in the delivery of our customer-centric approach. Customer service is a real measure of quality, and can bolster every business’s performance, regardless of its size, scale or location. It also offers room for ingenuity - customer service is not a one-size fits all model. To celebrate our 10th anniversary of sponsoring The ESTAS we are delighted to present the Zoopla Xcellence Award which highlights those agents that have performed consistently over the last 10 years, I wish every shortlisted agent the very best of luck at the awards in May.”

Simon Brown, founder of The ESTAS says “At ESTAS we’re creating a community for best practice property professionals who all share a passion for delivering great service and a belief that service really does matter.”

Greg Horsman, of Williams & Goodwin said “We are very proud to be shortlisted. We take our levels of customer service very seriously because we know clients have a choice. We will always try to offer the best service we can.  Hopefully we can go one step further and win at the awards in May".

Building on the increase in January activity we reported last month, the local market has been just as frenetic during February with intense buyer activity continuing to play “catch-up” following years of mild depression.

According to the National Association of Estate Agents, there has been a 25% year-on-year rise in the number of active buyers, with sales volumes up 33% on last month, yet the supply of available housing has not risen to meet this demand, at just 3%. Essentially, “old stock” has eventually sold but is not being replaced fast enough by new sellers.

In terms of house prices, Nationwide says that house price growth hit an 18-month high in February with the average house price now standing at £216,092. The Land Registry reports this as being £234,742

Although the Land Registry handled 3% fewer sales registration in January (89,874), these stats can be deceiving, as there can be a lag of several months between a sale being agreed and it being registered following completion. Average prices can also be misleading as the most expensive reported residential sale was £23.5m in Barnet against an £18,000 property in Burnley!

There are, however, two curved balls that may yet prevent an all-out boom occurring; the terrible flooding in parts of the country and the threat of a Coronavirus pandemic moderating both transaction volumes and house prices. Although unfortunate for those affected, this would not be disastrous in a market where house prices are already regarded by some as overinflated. Of course, prices in flood hit areas may fall, with prices in neighbouring locations rising as buyers choose drier alternatives.

This is a vibrant and exciting market where opportunities abound for serious buyers, sellers, investors and landlords who are keen to strike while the iron’s hot. Why not call us on Llangefni 01248751000 or Bangor 01248355333 or Holyhead 01407760500 or Caernarfon 01286677775 to discuss how we could help you – you might be pleasantly surprised! 

©Copyright 2020 Williams & Goodwin The Property People Ltd.

The Guild of Property Professionals Member, for Anglesey & Gwynedd was presented with the top GOLD award in Sales and Lettings at The Guild Awards ceremony, which was held in London on 12 February 2019.

The Guild Awards were presented by former British Special Forces soldier, adventurer, best- selling author and television presenter, Ant Middleton and Iain McKenzie, CEO of The Guild, after a full day at The Guild Annual Conference, where new strategies, services and plans were revealed to keep Guild Members at the forefront of the industry. Estate agents also heard an inspiring keynote address from Ant Middleton, as well as several other speakers and property industry experts.  The Guild Awards were sponsored by The Telegraph, who commented: “As the UK's best - selling quality daily newspaper, The Telegraph is looked to by its readers as a trusted source of expertise. It is therefore fitting that we are able to celebrate excellence in the property industry by sponsoring The Guild of Property Professionals Awards."

The Guild Awards 2020 were also presented in association with The ESTAS, a customer review and awards platform exclusively for property professionals. The ESTAS are awarded based on customer surveys regarding the agent’s service – these scores heavily influence the decision of The Guild Awards judging panel when selecting winners. Williams & Goodwin were proud to be chosen to receive the Gold award, which was collected by Melfyn Williams, Tim Goodwin, Greg Horsman, Dafydd Thomas and Matthew Griffin on stage at the QEII Centre in front of nearly 500 estate agents.

“We are thrilled to be recognised for our hard work and dedication over the past year. This award is a culmination of our efforts throughout the last 12 months and a symbol of our commitment to excellence within the property industry,” said Melfyn Williams, Director of Williams & Goodwin“.

Iain McKenzie, CEO of The Guild of Property Professionals, said: “The Guild Conference and Awards is a much - anticipated annual fixture on our calendar, and this year’s event lived up to the expectation.

As only the best - in - class agents in each region can be selected to be Guild Members, the Guild Awards are truly a prestigious honour recognising the best of the best.  As an organisation of like - minded property professionals, it is fantastic to be able to share knowable, gain valuable insight and of course, celebrate excellence within our network.

Congratulations to all agents and offices that received awards this year, and all the best for 2020.

Last month we reported a sense of renewed optimism in the air. Well we were right! The post-election-post-Brexit surge means that the property market is once again buzzing with activity. And it’s not only our own agents who are working flat out to service our clients - Rightmove reported a 15% uplift in buyer enquiries to estate agents generally in the month immediately after the election compared to the previous year. This coincided with a 7.4% increase in sales agreed.

The latest Housing Report from NAEA Propertymark suggests that sales are already up by 20%, of which first time buyers represent 29%, up from 24% this time last year.  

Mortgage lenders also report positive movement, with home purchase mortgages up 8% on the same time last year (December was up a staggering 24%). The Bank of England’s decision to keep interest rates on hold can only support further confidence in the housing market, as does continued low inflation and low unemployment rates.

This new era of political and economic certainty means that many people who might not have an urgent need to move are once again considering doing so anyway, representing a welcome return of the aspirational/speculative buyer!

So where does this leave sellers? Our view is that the traditional spring market will blossom early this year. The hype and optimism surrounding the removal of the Brexit doldrums will eventually wear off, and sellers would be well advised to grasp the moment now, especially as, according to Rightmove, the number of properties for sale is 8.6% down on this time last year. The right house, positioned correctly in the market, will get snapped up, sometimes over the asking price, especially when it is being compared to properties that might have been on the market for some time.

A new market, where buyers are active and positive, requires a new approach to marketing. So if you are already on the market, now is a great time to review the situation with your agent. Benchmarking response rates, offers and general feedback against competing properties can be an excellent way to prepare a relaunch plan for your property, ultimately enabling you to secure a fresh buyer, possibly at an exciting price too.

Why not call us in confidence for a no-obligation straight-talking discussion about your own potential moving plans today?  We’d be delighted to help.

Choose the office nearest to you or view online at www.tppuk.com

Holyhead 01407760500

Llangefni 01248751000

Bangor 01248355333 or

Caernarfon 01286677775

©Copyright 2020 Williams & Goodwin The Property People Ltd