Brexit, Timing & Remaining Calm & Carrying On
Since the last issue the volume of both buyers and sellers discussing Brexit and the effect thereof hasn’t as much doubled as become almost the norm. To say there will be no effect is proven already to be nonsense. To say with authority though how positive or negative Brexit will have on the future is as pointless and subjective a question as “what will happen to my day if I turn left instead of right”. It seems that no one has a clue. Not even those who should.
At least the property industry is revealing some interesting yet not adverse findings. The last few weeks have seen two local properties sold for in excess of £935,000. Hardly a signal of panic.
What is statistically evident though is absolutely fascinating and backed up with fact, something sadly lacking in the bigger picture.
Cautiousness has trumped intuition and rashness. Patience has seen the Tortoise overtake the Hare.
Emoov, often the first to provide analytics and statistics relating to our business has shown that both the volume and duration of viewings have increased in recent months. This proves that “instinct” has truly been left dazzled by the headlights of “diligence”. 7% of buyers are regionally offering after one viewing. 56% require just two. 27% of those surveyed required a third before placing an offer.
For ourselves we have also observed that the duration of viewing appointments also needs a shift. The “sweet spot” sits between 21 – 30 minutes with 39% of buyers taking this long before offering.
Understanding the necessity of time and consideration we have recently employed further viewing representatives. This will enable all of our buyers to spend the time they need in a property rather than the time that the other agent will only allow.
If Brexit has created cautiousness then now we have the capacity to support it. It’s all about support after all isn’t it.