Hi I’m Sam from Fine & Country, back again for my monthly property market update.
So the country finally enters the inevitable recession after what seems like months of uncertainty, traditionally of course the property market follows suit, but the continued confidence in the property market shows absolutely no signs of slowing down. Officially in the local premium market we are now in what is described as a sellers market. Of the 191 homes available within a 5 mile radius of Rugby over £500,000 only 80 are available for sale with 111 sold subject to contract.
Watch this video to find out more about the Rugby property market update …
This is a reflection of the national picture with Nationwide reporting that prices rose by a mammoth 2% in August compared to the previous month, adding to the evidence of a rapid recovery. The rise of 2% was the largest since February 2004. Its very clear that there are several factors that have contributed to this, including the release of the pent up demand that we talked about last month, but I can tell you that from taking to the buyers out there it is very clear that the general public are reassessing where they want to live after being forced to stay at home. Clearly the obvious need for a ‘work from home’ office has added to this new found optimism and its clear that homes in the upper quartile of the market will usually cater for this demand, making the premium end of the market even more robust against the back drop of a recession, couple this with historically low interest rates and there remains as positive reassurance the the market will remain healthy for the foreseable future.
Interestingly enough Rightmove are reporting that just under one third of the houses sold since the beginning of July have sold within 2 weeks of going on the market, compared to a fifth of the homes for sale this time last year. Detached homes have have seen the biggest jump with the proportion of homes selling within a week doubling from 7% too 14% compared to last year. It must be noted though that the correct pricing and right marketing are massive factors in how these sales are being achieved and how quickly the houses are selling, our own market share in our core market has risen from 22% to 27.2% since lockdown eased which is a reflection of the need for further exposure with a bespoke social media strategy, property video, national advertising and professional photography, which are just some of the factors that have contributed to this success.
Never underestimate the power of video and the relevance of a virtual viewing, at F&C Rugby I have just completed 2 sales both of which were sold during lockdown without an actual physical viewing, underlying just how important a property video is. Essentially this is the first viewing, qualifying the buyer for the actual viewing, whilst our sellers are enjoying the fact the F&C buyers are coming with serious intentions.
So my message here is a call to action for those sellers that are considering a sale, now is the chance for you to achieve a fantastic sale price in the forthcoming Autumn market, so if you need an up to date market appraisal or a chat or a chat about what’s the best selling strategy then do give me call on the details that are about to follow.
Say safe and see you all in October.